Fleet News

Appleyard reports first half profit decrease

ALLEGED accounting irregularities forced dealer group Appleyard to write down first half profits by £203,000 to £4.6 million. Although turnover was up 14.9% from £339.9 million to £390.5 million, alleged false accounting at the Ian Skelly dealership contributed to a profit fall of £0.3 million on last year's interim figure.

Chairman and chief executive Mike Williamson said Appleyard's contract hire and leasing operation and commercial vehicle division had both performed well but passenger car sales had suffered from margin pressure.

The contract hire division - Appleyard Vehicle Contracts - increased its profits by 11% - largely due to high residual values on disposal of three-year-old ex-contract cars - and the fleet size rose by almost 2,000 vehicles to 17,950. Despite a 20% increase in new car volumes, margins declined compared to the same period in 1995. The Serious Fraud Office is currently investigating the case.

Leave a comment for your chance to win £20 of John Lewis vouchers.

Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!

Login to comment


No comments have been made yet.

Compare costs of your company cars

Looking to acquire new vehicles? Check how much they'll cost to run with our Car Running Cost calculator.

What is your BIK car tax liability?

The Fleet News car tax calculator lets you work out tax costs for both employer and employee