Fleet News

Lex Vehicle Leasing's results show pre-tax rise to £9.9m

PROFITS at Lex Vehicle Leasing have increased year-on-year despite the much-publicised slump in residual values. Lex Service announced pre-tax profits of £36.1 million for the first half of 1998 compared to £30.5 million for the same period last year with Lex Vehicle Leasing contributing £9.9 million (1997: £9.8 million) - half of total pre-tax profits as the business is jointly owned with Lombard North Central.

In the first six months of this year Lex Vehicle Leasing's fleet of cars and vans on contract hire and fleet management increased to 96,000 from 86,000 a year ago with the company stressing that 'healthy fleet growth' had offset reductions in used vehicle prices. An increase in contract hire income was offset by a reduction in disposal profit.

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