profit increase
Hitachi Capital Vehicle Solutions has announced a 16 per
cent increase in profit, reporting an operating profit of £10.8m
(2007: £9.3m) during the 12 months to March 31 2008 across its car
and commercial divisions.
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Hitachi Capital’s 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.
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.
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By GlobalDataKazuo 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.”
The figures come on the back of Martin Cutbill’s resignation as
Hitachi Capital’s chief executive of finance and insurance
services. 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.
Group operating profit before tax: £15.2m
Group profit after tax: £10.4m
Basic earning per share: 24.5p
Paul Collett
