Motorway services operator Moto has reported a turnover increase of 0.9% to £1.067bn in the year ending December 31, 2023.
Operating profit for the period amounted to £62.9m (2022: £55.6m), an increase of £7.3m compared to the prior period. The resulting profit before tax amounted to £36.5m, compared to a profit before tax of £38m in 2022
Its fuel turnover sales figures dropped from nearly £630m in 2022 to £585m in 2023. However, its non-fuel turnover increased from nearly £405m to £456m during the same period.
In its financial statement Moto said the performance of the Group was impacted by “significant inflationary pressures” – primarily across utilities, cost of goods sold and labour. It said that wherever possible, prices have subsequently been updated to reduce any impact on the financial performance.
Moto successfully refinanced its debt during 2022, raising £835m with a tenure of seven to 15 years, across UK institutes and US private placements, locking in at preferential interest rates prior to the market increases.
The Group invested £39.4m in capital expenditure last year, investing in the ‘transformation of the UK rest stop experience’. Investment was focused on the redevelopment of numerous sites, rolling out 35 new trading units across KFC and Pret a Manger. This came alongside investment in technology infrastructure to leverage future growth, and the purchase of land at two locations, both of which have full planning permission.
Moto said that working with its partners, Gridserve and Tesla, it has rolled out 304 high-powered chargers. At the time of the publication of the financial report it had 675 chargers across its sites.
The company said its long-term strategy remains unchanged: “We will continue to improve our product and facility offerings in order to attract more customers and realise our growth potential. Our vision is to ‘transform the UK’s rest stop experience’. “During 2024 the business will continue to invest significant capital into site redevelopment and technology, as well as investing in the development of two new sites and in the opening of approximately a further 33 new trading units, providing higher and more assured returns.”
