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Bus company Rotala eked out a small first-half profit after it was supported by government subsides designed to help the industry weather the pandemic.
Net profit for the six months through May amounted to £0.81 million, compared to a year-on-year loss of £3.8 million.
Rotala said passenger loadings were now about 65% of pre-Covid levels.
'The government's new National Bus Strategy promises large scale fresh investment in bus transport,' chief executive Simon Dunn said.
'The government is providing £3 billion in new funding in the next few years. This must be beneficial for the bus industry.'
'During the Covid-19 pandemic, Rotala has deliberately concentrated on improving its business efficiency, software systems and use of working capital.'
'As a result, I believe that Rotala is very well placed to play its full part in a revitalised bus industry.'