Hitachi Capital in profit despite tough economic climate
Thursday, 18 June 2009
Hitachi Capital Vehicle Solutions has announced a profitable end to its financial year despite difficult trading conditions in both its car and commercial vehicle markets. The Vehicle Solutions division of Hitachi Capital, including its newly acquired subsidiary The Driving Instructor Centre (DIC), reported profit before tax of £3,2m for the financial year ending March 2009.
The company attributes the positive result to its prudent management of risk and the mitigation of residual value losses through extending contracts and expanding alternative sales channels for its used vehicles. In addition four months trading from DIC bolstered profits. Despite the difficult conditions Hitachi Capital Vehicle Solutions still achieved organic growth through existing and new clients, which the company believes is testimony to the quality and strength of its customers and its exceptional levels of service delivery.
Simon Oliphant, Chief Executive at Hitachi Capital Vehicle Solutions, says, "While it has been a difficult time for the entire fleet industry and our own profits are well down on last year, achieving a positive financial result for the year is a reflection of our experienced and committed management and staff responding to the economic situation. In addition the quality and strength of our customers has helped us during this difficult period, we in turn have supported them with their own challenges by finding ways to reduce costs whilst at the same time maintaining high service levels."
"Looking ahead, I am confident that as the market begins to recover our own performance will return to more normal levels. With our ability to deliver innovative solutions, add value to our customers and uninterrupted access to funding through the strength of our parent company, Hitachi Capital Vehicle Solutions is in a strong position to meet both new and existing customer's requirements."
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