Fleet News

Ryland reports huge growth

EXPANDING contract hire and dealership business Ryland Group has reported pre-tax profits for the six months to June 30 of £13.7 million - up massively from £3 million in the first half of last year on turnover up 13% to £342 million (1998: £302 million). However, the results were accompanied by a decision to restructure profit-taking within the contract hire division - Ryland Multifleet.

This is expected to see losses this year and early next year with, according to Group chairman Peter Whale, the 'potential for excellent returns from 2001'. As a result of French bank Paribas' car leasing subsidiary Arval taking a 75% stake in Ryland Multifleet earlier this year the Group is consolidating losses from its associate, as Paribas has chosen to recognise profits from vehicle contracts at their maturity rather than through their operational life.

Whale said: 'These short term trading losses should be viewed in the context of the overall transaction, which yielded a net cash injection into the group of £13.3 million and a net exceptional profit of £11.3 million.'

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