The percentage of fixed-capital investment funded with asset finance from the UK’s Finance & Leasing Association (FLA) members in the second quarter of 2012 reached 31.4% – its highest level since the third quarter of 2008.
Angel Trains has signed a contract with Bombardier Transportation for the re-traction of a Class 317 unit, to develop the fleet as a viable, reliable, economical and long-term alternative to new trains. As part of the companys focus on continuing its service operation, reducing costs and improving reliability and passengers experience, Angel has invested £6m in the re-traction of a pre-series unit
The government intends to change company car tax rules, making it much harder to claim tax relief on lease and rental vehicles.Documents obtained by the BVRLA under the Freedom of Information Act show that the Government hopes to earn an extra £2bn from company car tax between 2013 and 2017 and make nearly one million fewer business cars eligible for 100% first-year or standard tax relief during that period
It also reports second quarter revenues of $668m, a decrease of $7m, or 1%, compared with the same period last year. The captive finance companys decrease in revenues was principally due to a $28m hit from lower rates on new and existing finance receivables and operating leases and $9m lower net gains from returned or repossessed equipment, partially offset by a $33m income from higher average earning assets.
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Econocom Group, the European IT and telecoms funder, has posted consolidated half-year revenue of 737m, down 3% from 763m in the first half of 2011. Despite the drop, the company said its recurring operating profit is set to rise sharply compared the 18.6m recorded in the first half of last year because of healthy sales margins and cost-savings.
GE Capital, the finance arm of US industrial conglomerate GE, has announced a $2.12bn (1.75bn) profit for the second quarter of 2012, up 31% on its $1.61bn profit for the same period in 2011. GE Capital Commercial Lending and Leasing (CLL), which includes global equipment finance operations, posted a drop in earnings with a $626m profit for the three months to 30 June, 11% down on the 2011 figure of $701m.
GE Capital Germany plans to double, at least, its total leasing assets, which currently stand at $4bn, over the next four-years, according to chief executive Joachim Secker. The growth, Secker told Dow Jones on Friday, will be achieved organically and through acquisitions, adding that capital growth is available from its parent company, entitling him to buy portfolios or companies
A strong performance in motor and asset finance has helped Close Brothers to release an optimistic interim management statement for the third quarter of its financial year, ending 30 April The loan book increased 6% in the quarter to £4bn (Q2: £3.8 bn) reflecting strong new business levels particularly in motor finance, asset finance and property, and has increased 15% in the financial year to date.
The Northampton-based company manufactures a range of high-specification diesel, liquefied petroleum gas and electric forklift and pallet trucks, and supports a 500-strong nationwide dealer-engineer network, which now has access to contract hire and hire purchase facilities provided by Aldermore, trading as Doosan Industrial Vehicle Finance. Paul Watson, Doosan Industrial Vehicles UK general sales manager, said: In todays tough economic climate, its important that dealers have access to competitive finance facilities provided by a partner thats willing to find ways to get deals done