Moto Hospitality, Britain’s biggest motorway services operator, has reported a narrowing of its pre-tax losses for the year to 29 December 2010 from £69.8m to £64.1m, as turnover increased by 2.2% to £848.5m. The company, which operates 57 roadside stops, said turnover increased by £18.18m up from £830.3m in 2009. Pbitda (profit before interest, tax, depreciation and amortisation) stood at £60.2m, down from £65.2m in the previous 12 months. Operating profit for the year stood at £33.35m down 11.5% on 2009, which was impacted by a one-off payment of £9.553m for a management bonus and a loss on disposal of £4.824m that relates to the destruction of the group’s Cherwell Valley building in a fire. In accounts filed at Companies House, the company said that without these items, its operating profit would have increased by £10.049m during the year. The group, which is financed through an inter company loan, said interest payments on said loan stood at £98.047m down from £107.303m the previous year. Net liabilities over the year increased from £111.523m to £175.633m, which the company said was due to the inter company loan and payment of trading profits up through the group. Moto said that the New Year had started well and that its directors expect to build on the momentum created in 2010. In March this year, the company improved its financial position, after completing a £600m refinancing. The group, which is controlled by the Australian bank Macquarie, issued £176m of bonds, securing £400m of new debt facilities and injecting £24m of new equity into the business. The company had been trying to renegotiate the £600m of borrowing for several months, with reports suggesting it was running out of time to refinance its debt before a June deadline. The debt was a legacy of its 2006 takeover by a consortium led by Macquarie. Earlier this year, Moto signed agreements with the West Cornwall Pasty Company and Domino's Pizza, which has seen both food operators open franchise kiosks across the motorway service operator's locations.