announced a 16 per cent increase in profit, reporting an operating
profit of £10.8m (2007: £9.3m) during the 12 months to 31 March
2008 across its car and commercial divisions.
Hitachi Capitals’ end of year results March 31 2008 report
operating profit before tax up 31 per cent at £15.2m compared with
£11.6m in 2007.
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Strong performance from the group’s largest division, Vehicle
Solutions, increased operating profit to £10.4m, up from £9.3m in
2007 in light of business volumes decreasing by two per cent to
£112m (2007; £148m). A softer used vehicle market towards the end
of the financial year resulted in a 16 per cent reduction in the
disposal result at £3.5m compared to £4,2m in 2007.
Simon Oliphant, chief executive at Hitachi Capital Vehicle
Solutions, said:
“The specialist commercial vehicle business has been a particularly
strong source of profitable new business, and continues to be a
focus for the coming year, alongside corporate contract hire. We
will also be launching various new services to help our customers
drive down costs and promote a safer and greener fleet.”
Improved performance from the group’s Business Finance division
turned a loss of £1.9 million in 2007 to an operating profit of
£2.6 million.
Kazuo Takano, chairman, said of the results: “Group arrears were
in line with the prior year, finishing the reported year at 1.46
per cent of receivables (2007 1.46 per cent), well below industry
averages.
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By GlobalDataThe figures come on the back of Martin Cutbill’s resignation as
chief executive, Finance and Insurance Service, Hitachi Capital.
Cutbill joined in 2003 in the interim role of divisional manager
MD, Hitachi Consumer Finance before moving through the ranks.
Robert Munn, divisional MD Hitachi Capital Business Finance and
Steve Lawler, MD Insurance Services, will now report directly to
David Anthony, group CEO.
