Fleet News

Record profit for Cowie

RECORD pre-tax profits of £81.2 million (1995: £55.8 million) - up 46% - for the year ended December 31, 1996 were reported by the Cowie Group with almost half contributed by the finance division which largely encompasses Cowie Interleasing.

Annual turnover was £1,126 million (1995: £1,001 million) and excluding exceptional items of £1.5 million, profit before tax was £79.9 million with Group's four operating divisions achieving record results. The finance division increased turnover to £248 million (1995: £225 million) and reported pre-tax profits of £34.8 million (1995: £33.1 million) as the Cowie Interleasing fleet expanded by 9,000 vehicles to 74,000 units.

Profits were boosted by a firm market for ex-contract hire vehicles. Business was also boosted by more large corporations outsourcing company car and driver support, and by contract hire VAT benefits changes in August 1995, resulting in more than 10,000 contract hire vehicles on outsourcing agreements.

Cowie's motor retailing and service business increased pre-tax profits to £11.7 million (1995: £11.1 million) on reduced turnover of £614 million (1995: £655 million). The Group says it is committed to expanding its fleet and retail motor businesses.

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