Fleet News

Powermarque hits acquisition trail after profits double

PROFITS at contract hire firm Powermarque have doubled to record levels as it gears up for expansion and a potential acquisition this year. The firm, a subsidiary of Anglian Water, made pre-tax profits of £2.038 million for the year to March 31, compared to £1.1 million for the previous year. Turnover also nearly doubled to £31 million from £18.4 million.

Powermarque is said to be looking to buy a contract hire firm which will double its fleet size from 17,000 vehicles to about 30,000. But it is also targeting organic growth of 25% according to managing director James Daly.

He said: 'We are always looking for acquisition opportunities. There are a lot of strategic changes taking place in the market and we are still actively looking for opportunities.'

Powermarque was the winner of the Best New Fleet Company award at this year's Fleet News Awards.

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