Fleet News

Residual values slump hits JCT600

FALLING used car values last year dented profits at JCT600, according to the company's end of year results. Although turnover increased by 1% to £242 million (1999: £240 million), pre-tax profits fell by 15% to £4.3 million (1999: £5 million).

Nearly half of the decline was due to reduced profits on the sale of contract hire returned vehicles. Group chairman Jack Tordoff said: 'I am pleased with how we have faced up to the challenge of these very difficult market conditions. Our results look good in comparison with the rest of the industry and our return on sales is still way ahead of most motor groups.'

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