Weak car market hits Rutland
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.RUTLAND Trust, the corporate financier, contract hirer and loss adjuster, has reported a fall in pre- tax profits from pounds 3.9m to pounds 3.5m, writes Robert Cole.
Profits from contract hire and loss adjusting both fell in the six months to 30 June.
Rutland leases cars, mostly executive models for companies. Weakness in the prices obtained for ex-rental vehicles led to a slip in profits on the car business from pounds 1.2m to pounds 900,000.
The relatively mild and disaster-free winter also led to leaner profits in loss adjusting. Profits were down from pounds 2.4m to pounds 2m.
The contribution from arranging finance for companies rose from pounds 250,000 to pounds 650,000. However, Michael Langdon, chief executive, said: 'Several potential transactions have been delayed as a result of the recent economic and financial uncertainties.'
He added that Rutland had pounds 8m cash and was looking for expansion opportunities.
For the six-month period earnings per share dropped back to 0.84p from 0.88p. The interim dividend was held at 0.27p. The shares were unchanged at 10p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments