The operator behind the iconic London Big Bus Tours has significantly narrowed its pre-tax losses by over $50m (£38.5m) in the latest financial year.
For the 12 months ending 30 April, 2024, Big Bus Tours Group reported a pre-tax loss of $31m, a substantial improvement from the $82.4m loss recorded in the previous year, as reported by .
According to the latest accounts filed with Companies House, the group's revenue saw an uptick from $236.7m to $277.7m during this period.
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Regionally, the group witnessed a revenue increase in Europe from $104.3m to $118m, while its US sales also experienced growth, rising from $106.7m to $120.9m.
Revenue in the Asia Pacific and Middle East regions climbed from $25.7m to $38.7m.
The year also saw the average number of employees within the group grow from 999 to 1,183.
In a statement endorsed by the board, it was noted: "The Covid-19 pandemic had a material impact on the business during the last four financial years."
It continued: "The European and United States regions have recovered to pre-pandemic levels however operations in the Middle East and Hong Kong have taken longer to recover."
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The statement added: "During the current financial year Hong Kong borders fully opened and tourists returned to the region."
Identifying future potential, the board remarked: "The Middle East Asia Pacific region represents a particular opportunity for growth."
Highlighting the company's financial health, the statement concluded: "The group recorded record EBITDA [earnings before interest, taxes, depreciation and amortisation] for FY24, a testament to the margin improvement initiatives implemented during the pandemic years."
Exponent Private Equity holds the majority ownership of Big Bus Tours, with Merlin Entertainments possessing a minority stake.
The company was established in 1990 as Les Cars Rouges in Paris and has since expanded to Rome, Washington DC, Las Vegas, San Francisco, Miami, and Istanbul.
The business began its operations in London in 1991 and has further extended its reach to Dubai, Abu Dhabi, Hong Kong, Shanghai, and Philadelphia.
In 2011, Les Cars Rouges and the Big Bus Company merged to form Big Bus Tours.