Tuesday 19 November, 2019

Knutsford's $293-m revenue driven by increased demand for its services

Knutsford Express Services Limited benefited from an increased demand for transportation services during the first quarter of 2019, cruising to a 10.8 percent increase in revenues over the comparative period last year. 

Revenues increased from $293 million to $324 million. 

“The outlook for the short to medium future is very positive, as we build out new routes to/from Angels and all north coast destinations in addition to increased frequency between Kingston - Mandeville and also Negril to Montego Bay,” Oliver Townsend, director of Knutsford Express Services Limited, told Loop reporter Claude Mills. 

Total assets also grew over the similar period last year from $834 million to $1.135 billion, an increase of 36.1 per cent, driven by investments in the Ocho Rios/Drax Hall development and other subsidiary companies.

Oliver Townsend, director of Knutsford Express

Townsend touted the establishment of a new terminal that will reduce drive time between the cities of Kingston and Montego Bay and lead to greater consumer satisfaction and ensure greater volumes of customers from St Ann to adjoining parishes. 

“Our new Ocho Rios/Drax Hall Terminal will be very modern offering great customer conveniences and will reduce the drive time an average of 26 minutes between Kingston and Montego Bay and offer really good passenger and vehicle flows. It will also allow for an appreciable increase in the number of park and ride customers from the parish of St Ann and adjacent areas,” he said.

However, earnings per share fell from $0.18 per share to $0.10 as net profit plummeted from $88 million in the corresponding period last year to $47.7 million in the first quarter as a result of the build out of new routes, fleet refurbishment, increased departures and a significant investment in KE Connect USA.

The bus service has continued to boost its automated customer service platform, noting that customers were using their online booking and reservation systems, and the company will add innovative self-check features via apps and kiosks before the end of the year.

“Between now and December our customer/passenger experience is going to be significantly improved and modernized allowing for self-check in via kiosk or app. Plus the overseas subsidiary is part of our medium to long term plan in diversifying and growing our business geographically,” the Knutsford Express boss said. 

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