AssetCo has won a lucrative contract to provide support to fire
services in London in a move that reflects its transition from
leasing into support services.
The Aim-listed company, which is currently running off the
remnants of its contract hire business, yesterday announced it had
won a £12 million contract to supply the London Fire and Emergency
Planning Authority with up to 700 trained staff in the event of an
emergency, such as a pandemic or flooding.
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It also recently won a 10-year joint venture with Abu Dhabi’s
government to develop and manage a large-scale emergency services
centre, to be known as Rabdan Disaster City.
AssetCo was founded as a public sector leasing business in the
early part of this decade, when it was part of the Reading-based
Brook Henderson Group.
The decision to focus on services rather than leasing was taken
several years ago by John Shannon, who sold his business Fleet
Management Ireland to AssetCo and also led a BIMBO of the group in
October 2005. Shannon, who is AssetCo’s current CEO, was also
instrumental in AssetCo’s reverse takeover of the emergency
services company, Asfare Group, in March 2007.
AssetCo’s revenues for the six months to September 30 fell by £1
million to £27.9 million, and pre-tax profits from £6.6 million to
£5.4 million.
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