Fleet News

Record profits up 14% for Lex

LEX Vehicle Leasing, the UK’s largest leasing company, has announced record results with pre-tax profits up 14% to £52.4 million.

Revenues were up 13% to £557 million, due in part to new contracts such as its outsourcing agreement of the 47,000-strong HSBC fleet. It is the fifth consecutive year of double digit growth for the firm.

Lex managing director Jon Walden said: ‘It’s been another great year in which our continued commitment to both our customers and colleagues has been reflected in the results.’

The firm claims its market share has also grown, from 6.4% to 9.4% and it now has a fleet of 178,000 vehicles.

Walden says a key factor was the streamlining of the business in a four year project using the Six Sigma programme, which has resulted in savings of £4 million.

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