Conceived as a consolidator in the small bus operator market, Rotala's progress is clear to see. With 2009 results demonstrating that the group is in a strong position in its chosen markets and trading increasingly profitability, we feel that the benefits of this strategy are being proven. New contract wins show Rotala is gaining market share, more than offsetting the recessionary impact. There appears to be further expansion potential, with a Competition Commission investigation into the local bus market due in 18-24 months. The shares are also trading at a significant discount to its larger peers, which may narrow as such progress is demonstrated.

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