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Pre-tax profits up at JCB
Finance and Angel Trains, but down at Volkswagen Financial
Services.
JCB Finance
JCB Finance made a pre-tax profit of
£5.4m (€6m) in the year ending 30 September 2009, a 6.5% increase
on the previous year’s figure of £5.1m.
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By GlobalDataThe subsidiary of banking group RBS achieved
this on the back on a revenue total down 6.6% year-on-year, from
£47m in 2008 to £43.9m in 2009.
This reflected a decrease in the total value of
finance contracts signed during the year, from £557m in the
previous reporting period, to £424m.
Operating profit was down too, totalling £22.3m
as opposed to £28.2m in the previous year.
The pre-tax profit improvement was largely
driven by a 38% reduction in finance costs, from £23.1m to
£16.8m.
However, increased tax expenses of £1.5m led to
an after-tax profit of £3.9m, compared to £4.2m in 2008.
According to JCB Finance’s annual report, the
company’s directors were “satisfied” with performance, saying that
the business would “be guided by its immediate parent company in
seeking further opportunities for growth”, and expecting no
significant reduction of revenue in the next 12 months.
JCB Finance, 75% of the share capital of which
is held by Lombard North Central subsidiary Lombard & Ulster
Ltd, retained all 73 of its staff over the year
Angel Trains
Angel Trains Limited continues to make
healthy profits, although it does not plan to make a final dividend
payment this year.
Its post-tax profits for the year to 31 May
2009 totalled £75.8m (€84.5m) on revenue of £324.4m, according to
Companies House filings it made recently.
The rosco, which was sold by Royal Bank of
Scotland to a consortium advised by Babcock & Brown, appears
not to have been adversely affected by the recession, with
operating profits for the latest one year period totalling £138.5m
compared with £55.5m for the five months to 31 May 2008.
Operating lease rentals also picked up sharply
during the latest period to total £223.9m, against £94.5m during
the earlier five month phase, although management fees declined by
£200,000 during this period. A dividend payment of £206.6m was paid
during its financial year by Angel, whose parent, Willow Topco
Limited, is based in Jersey, although in its statement it said that
its “directors do not propose the payment of a final dividend”.
In other developments, in recent months Angel
sold rolling stock vehicles worth £1.7bn to fellow group entity,
The Great Rolling Stock Company Limited, and also received a £1.5bn
government grant from the Strathclyde Passenger Transport
Executive. Expenses shot up to £197.8m against £85.4m in the five
months to May 2008.
Losses on currency translations totalled
£800,000 against profits of £4.6m during the earlier period.
Volkswagen Financial
Services
The financial services arm of the
Volkswagen Group saw a 6.7% increase in turnover during in 2009, to
reach a value of €11.7bn.
The number of contracts signed by the
company increased by 8.9% over the same period.
Pre-tax profit, however, decreased by 26.8%
compared to the previous reporting period, to reach a value of
€673m.
This decline was put down to higher risk costs,
and the absence of one-off items that had occurred during 2008.
All in all, financed or leased vehicles made up
nearly a full third of total group delivery volumes during
2009.
The number of contracts signed by fleet
management joint venture LeasePlan, however, was 1.3m, down 5.9%
year-on-year.
|
UK lessors – P&L account |
|||
|
2009 (£m) |
2008 (£m) |
Change (%) |
|
|
JCB Finance |
|||
|
Turnover |
43.9 |
47 |
-6.6 |
|
Operating (loss)/profit |
22.3 |
28.2 |
-20.9 |
|
Pre-tax (loss)/profit |
5.4 |
5.1 |
5.9 |
|
After-tax (loss)/profit |
3.9 |
4.2 |
-7.1 |
|
2009 (£m) |
2008 (£m)* |
Change (%) |
|
|
Angel Trains |
|||
|
Turnover |
324.4 |
131.9 |
145.9 |
|
Operating (loss)/profit |
138.5 |
55.5 |
149.5 |
|
Pre-tax (loss)/profit |
101.3 |
47.3 |
114.2 |
|
After-tax (loss)/profit |
75.8 |
34.1 |
122.3 |
|
2009 (€m) |
2008 (€m) |
Change |
|
|
Volkswagen Financial Services |
|||
|
Contracts signed (thousands) |
7223 |
6631 |
8.9 |
|
Turnover |
11,700 |
10,970 |
6.7 |
|
Operating (loss)/profit |
606 |
893 |
-32.1 |
|
Pre-tax (loss)/profit |
673 |
919 |
-26.8 |
|
* describes figures in 5 months to 31 |
|||
