All articles by Claire Hack
Claire Hack
IBM Global Financing exploits rival’s troubles
IBM Global Financing has launched a land grab on Oracle-Sun and Hewlett-Packard customers with a new programme in Europe.
Margins up at Xerox
Xerox Finance grew operating profit by 27% to £25.5m (29.7m), on turnover of £294m, in the year to end-December 2009.
Cost of risk soars at ECS
IT lessor and former Socit Gnrale subsidiary ECS overcame a series of challenges to weather the recession. Poor economic conditions led to an increase in the cost of risk, up 94% to 3.3m in 2009, compared to 1.7m in 2008
Asset finance buoys French telecoms and IT funder Econocom
French telecoms and IT funder Econocom enjoyed a solid eight% increase in profit after tax to 20.3m in the year to 31 December 2009, its consolidated results show. The company also increased its turnover by 5.9% to 759.3m in 2009, up from 716.9m in 2008
Now that’s what I call funding
The UK entertainment industry is facing as tough a time as any, but the mood among the specialist funders serving the sector remains surprisingly upbeat.
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Decline slows in Europe
The decline in Europes leasing volumes has slowed dramatically for the first half of 2010, down 1.3% year-on-year to 94bn, compared to a 36% decrease for the first half of 2009 Piero Biagi, chairman of Leaseuropes statistics and marketing committee, said: While the overall market experienced a small decline in the first half of 2010, we are far off from the double digit decreases experienced in 2009
ECS predicts public sector jump
IT lessor ECS is expecting its UK business in the public sector to jump from 15% of its total activity in 2009 to 50% in 2011. Kevin Flowerday, ECS regional sales manager, said the cost of borrowing from local authorities had risen so dramatically that public sector organisations were now looking to commercial lenders. Although the Public Works Loan Board (PWLB) is still generally in line with LIBOR, funding directly from the authority is about 250 basis points above LIBOR
Margin up at Xerox Finance
Xerox Finance grew operating profit by 27% to £25.5m (29.7m), on turnover of £294m, in the year to end-December 2009. Turnover growth was 2.6% at the financing arm of the printer and copier manufacturer, its non-consolidated results showed. Gross margin increased during the year thanks to the signing of a number of additional contracts and a change in product mix, the accounts said
Construction lacks lenders
Funders continue to fight shy of construction after sharp falls in financing volumes across the sector in 2009 and 2010. Oversupply, lower-than-expected residual values and a rise in customer credit risk have all played their part in spooking funders. The fall in financing has mirrored a drop in sales of construction equipment of between 30 percent and 80 percent across different European markets
Bluestone in growth spurt
UK independent lessor Bluestone Leasing is to expand its presence with the opening of a new office in Stockport. Wakefield-based Bluestone saw its business more than double in the last 12 months, marking a turning point for the company, MD Vineesh Madaan said.