January 17, 2022
Knutsford Express Services Limited (KEX), for the six months ended November 30, 2021, reported total revenue of $473.22 million, a 74% or $201.90 million increase when compared with the $271.32 million reported for the same period in 2020. For the second quarter, revenues increased by 61% to close the period at $240.66 million versus $149.54 million in 2020. Management noted that, “One of our key initiatives, the Knutsford Express Business Centre, in Drax Hall provides synergies as a key logistics point for our business customers in addition to creating a diversified income stream going forward along with our core transportation business.”
Administrative and general expenses rose by 40% to total $457.40 million (2020: $327.27 million). Consequently, the Company reported a gross profit of $15.82 million compared to a loss of $55.95 million for the same period a year ago. While, for the quarter, gross profit amounted to $2.61 million relative to a gross loss of $29.52 million booked in 2020.
Finance costs increased by 38% to $10.17 million for the period under review from $7.35 million for the same period in 2020, while finance income fell to $2.73 million (2020: $4.34 million) in the first six months of 2021.
Profit before taxation amounted to $8.38 million, relative to a loss of $58.97 million reported for the similar period in 2020. There was no tax charge for the period under review. Therefore, net profit closed at $8.38 million relative to a net loss $58.97 million booked the prior year. For the second quarter, KEX recorded net loss of $821,626 relative to net loss of $33.79 million recorded in 2020’s second quarter.
Total comprehensive income amounted to $15.02 million relative to comprehensive loss of $54.42 million booked for the six months ended November 30, 2020.
As such, loss per share (LPS) for the second quarter amounted to $0.002, relative to a loss per share of $0.07 booked in 2020, while for the six months the EPS was $0.02 (2020: LPS $0.12). The twelve-month trailing LPS amounted to $0.06. The number of shares used in our calculations is 500,000,015. KEX’s stock price closed the trading period on January 14, 2021 at a price of $7.97.
Balance Sheet at a Glance:
As at November 30, 2021, total assets totalled $1.31 billion, $208.03 million more than the $1.10 billion recorded last year. The increase in total assets was due to increases in ‘Investment Property’ and ‘Right of use asset’ which total $110.45 million (2020: nil) and $133.61 million (2020: $7.31 million), respectively.
Shareholder’s equity closed at $680.81 million (2020: $710.99 million). As such, the book value per share was $1.36 (2020: $1.42).
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