PricewaterhouseCoopers (PwC) has resigned
as auditor of Shire Leasing, less than two months before the end of
the company’s reporting period.
In reports filed to Companies House in October
2009, Shire, the UK’s largest lease broker, revealed that the gross
value of its business had dropped by almost 20 percent
year-on-year, to reach a value of £116.4 million on March 31
2009.
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The broker explained the drop in value as a
result of “the economic downturn in the market”, adding that “the
company has been affected mostly in the second half of its
financial year”.
Shire also pointed out a drop in income earned
from assignment of finance leases, which decreased from £9.1
million in 2008 to £6.4 million last year.
An increase in administrative and selling
expenses, as well as a hike in interest charges between March 2008
and March 2009, meant that while gross profits were higher in
Shire’s latest financial year, its post-tax profits totalled £1.5
million – down from £3.9 million in the year to March 2008.
Shire, however, reported that income and
interest from leases on its own books rose by £1.3 million
year-on-year to reach £11.5 million, of which £2.4 million was
attributable to secondary rental income.
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By GlobalDataHowever, Shire expected “less growth” in its
finance lease portfolio in months to come, despite still targeting
business of around £1 million per month.
Brendan Malkin
