Lex Service reports flat profits
Friday 30 July 1999
THE ECONOMIC slowdown and a fall in used-car prices saw profits flat at car and van hire group Lex Service, new owners of the RAC's breakdown business, it said yesterday. But the group was upbeat, saying that despite the tough conditions, profits were in line with last year, pointing to an encouraging second half. Its car leasing business had suffered as used- car prices were driven down by low consumer confidence and a lowering in the price of new cars, but the group yesterday said the market had stabilised. The chief executive, Andy Harrison, said: "Lex's profits were in line with the strong performance in the first half last year, despite tougher trading conditions and lower market prices for used cars." Pre- tax profits for the six months to June 30 were pounds 37.8m, up from pounds 37.2m the previous year on turnover of pounds 789.4m, which was almost unchanged on last year's pounds 789.5m. But the group said the second half would see its plans to build RAC as the leading motoring services brand hit the road. "Buying RAC is the most significant thing Lex has done for some time," it added.
- 1 Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
- 2 The secret report that helps Israelis to hide facts
- 3 Danish TV reporter is all business up top, all party down below
- 4 Ross Burden dead: MasterChef and Ready Steady Cook star, dies aged 45
- 5 Businessman charged £75 for three small bottles of water in London hotel
The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
iJobs Money & Business
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£350 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...
£500 - £560 per day: Orgtel: Java Developer FX - Banking - London - Up to £560...
£350 - £400 per day + competitive: Orgtel: My client, a leading bank, is curre...
£26000 - £30000 per annum + Benefits: Ashdown Group: Account Manager - (Produc...