Latest news with #financialloss
Yahoo
6 minutes ago
- Automotive
- Yahoo
Lex Autolease reports loss amid market challenges
Lex Autolease, the car leasing company owned by Lloyds Bank, has reported a pre-tax loss of £10.6m ($14.2m) for 2024, marking a significant downturn from its previous profits. Headquartered in London, the business had posted pre-tax profits of £124.4m in 2023 and £544.2m in 2022. Despite the loss, Lex Autolease's revenue increased from £2.2bn in 2023 to £2.4bn in 2024. The board attributed the loss to increased depreciation charges on the growing fleet, reduced profits from vehicle disposals due to second-hand market conditions, and higher interest expenses amid rising interest rates. The company holds net assets of £182.1m as of 31 December 2024, down from £190m in 2023. Property, plant, and equipment increased to £5.73bn from £5.44bn, reflecting changes in fleet composition and vehicle costs. Lex Autolease's funding from within the Lloyds Bank Group resulted in borrowed funds of £5.84bn at the end of last year, up from £5.41bn in 2023. The directors noted that new business volumes decreased by 6%, influenced by high prices, residual value risk management, and economic pressures. The value of funded vehicles grew by 6% in 2024, driven by rising costs of new vehicles and a shift in consumer interest towards electric and hybrid vehicles. Lex Autolease maintained a 17% market share in deliveries for 2024. The company also scrapped its dividend to Lloyds Bank, having paid £439m in 2023 and £708m in 2022. Lex Autolease expects muted growth in new car and light commercial vehicle registrations this year due to the Zero Emission Vehicle mandate. Used car prices stabilised in 2024, particularly in the latter half, with expectations of continued stability into 2025. However, the rising supply of used battery-electric vehicles may exert downward pressure on this market segment, the group said, adding that while used vehicle prices stabilised, some volatility is anticipated as the industry transitions to electric vehicles. Earlier this year, Lex Autolease formed a partnership with motoring app Caura to allow its personal contract hire customers to manage all aspects of their vehicle needs. "Lex Autolease reports loss amid market challenges" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
5 hours ago
- Business
- Zawya
Oman: Raysut Cement narrows H1 2025 loss on higher revenue
MUSCAT - Raysut Cement Company SAOG, Oman's largest cement producer, reported a consolidated net loss of RO 2.99 million for the first half of 2025, down from RO 1.51 million in the same period last year, as revenues surged and a new leadership team implemented a turnaround strategy. Group revenue rose 30.8 per cent year-on-year to RO 41.81 million in the six months to June 30, 2025, compared with RO 31.87 million a year earlier, driven by improved sales in domestic and export markets, particularly Yemen, the Maldives, and East Africa. Total group expenses increased sharply to RO 36.44 million from RO 23.44 million in H1 2024—an annual rise of 55.5 per cent—reflecting higher input costs and logistics challenges. Loss before tax narrowed to RO 2.90 million, down from RO 1.37 million in the same period last year. After accounting for tax provisions of RO 90,042, the group posted a net loss of RO 2.99 million for the period. On a standalone basis, the parent company reported revenue of RO 21.58 million, up 25.5 per cent from RO 17.16 million in H1 2024. However, standalone losses widened to RO 3.33 million from RO 2.48 million, primarily due to increased operating costs. The results follow the release of the company's 2024 Board of Directors Report, which confirmed a full-year consolidated net loss of RO 10.63 million and cumulative group losses of RO 24.06 million across 2023 and 2024. Net cash flow for the group was positive at RO 1.07 million in 2024, and total assets stood at RO 9.49 million at year-end. A new board, appointed in March 2025, did not oversee 2024 operations but has since launched a five-point restructuring plan aimed at restoring profitability by 2026. The strategy includes addressing legacy debt, streamlining operations, improving efficiency, enforcing corporate governance, and strengthening liquidity management. Group-wide cement sales reached 2.47 million metric tonnes in 2024, up from 2.14 million tonnes the previous year. Parent company exports rose to 1.29 million tonnes, with domestic sales also increasing to 0.65 million tonnes. Despite improvements in top-line performance, the company continues to face industry-wide pressures, including regional cement overcapacity, currency risks in key markets, and competition from Asian producers. The Board stated it remains committed to executing its recovery plan and enhancing shareholder transparency.
BBC News
a day ago
- Business
- BBC News
Thames Water will take decade to turn around, says boss
Thames Water will "take at least a decade to turn around", its boss has said, as the struggling company posted huge annual reported a loss of £1.65bn for the year to March, in which its debt pile climbed to £ UK's largest water and waste company claimed "significant rainfall and high groundwater levels" led to "pollutions" increasing by more than a third, but said it had tried to address "many of the underlying causes of our poor performance".The results come as bosses are set to be quizzed by MPs later, with the company's future still uncertain since fears it could collapse first emerged two years ago. Chris Weston, chief executive of Thames Water, said the company had made "good progress" on its performance, "despite the ongoing challenging financial situation".Thames serves about a quarter of the UK's population, mostly across London and parts of southern England, and employs 8,000 firm continues to face heavy criticism over its performance in recent years, following a series of sewage discharges and dire state of the company finances emerged in June 2023, but Thames managed to secure a £3bn rescue loan earlier this year to stave off collapse.
Yahoo
a day ago
- Business
- Yahoo
Thames Water turnaround will take 'at least a decade', boss warns
Crisis-hit Thames Water has reported a £1.65bn annual loss, rising debts, and warned that it will take "at least a decade" to turn around its fortunes if it swerves the threat of nationalisation. The UK's largest water provider, which is still scrambling to secure a restructuring of its debts and injection of new funds to avert a possible collapse, suffered a series of hits to its bottom line in the year to the end of March. Within its loss for the period, compared to a £157m profit over the previous 12 months, Thames recorded a £1.27bn provision against a loan from its parent company not deemed recoverable. Money latest: easyJet bereavement policy faces refund question There were also hits from £198m in restructuring plan fees and £151m of restructuring costs. Included too was a £122m fine from the industry regulator related to poor wastewater performance and dividend payouts. It admitted that sewage spills were up by a third on the 2023/24 financial year - a fact it blamed on higher than average rainfall. Net debt rose from £15.3bn to £16.8bn. The company is trying to win approval for a rescue plan funded by its senior creditors after the investment giant lined up to rescue Thames Water pulled out of the proposed deal. KKR had been given preferred bidder status in March before its exit from the process was revealed in June. Commenting on the company's performance, chief executive Chris Weston said: "We recognise that our current gearing is too high and, to address this, we are progressing with our Senior Creditors' plan to recapitalise the business which will see us return to a more stable financial foundation. "This will come with a requirement to re-set the regulatory landscape and acknowledge it will take at least a decade to turn Thames around." The last remark amounts to a warning shot that Thames needs to be shielded from the prospect of further fines for poor performance and handed an improved five-year bill settlement. It had appealed Ofwat's determination for the period covering 2025-30 which allowed for a 35% hike to bills to help fund vital infrastructure improvements. That appeal, to the Competition and Markets Authority, is currently on hold. Mr Weston, along with other senior directors, is due to give evidence to a committee of MPs later on Tuesday. They were recalled to the Environment, Food, and Rural Affairs committee following a bruising session held in May. Questions are likely to be focused on the risk of a rescue deal by creditors failing to materialise - a move that would likely force the company into a special administration process to ensure continuation of services. The company, which serves almost 16 million customers across South East England, is also likely to be asked about its drought readiness having announced on Monday that households across four counties were facing usage restrictions.
The Independent
a day ago
- Business
- The Independent
Thames Water sinks to £1.6bn loss as debt mountain balloons
Troubled Thames Water has revealed it slumped to a £1.65 billion annual loss and saw its debt mountain balloon to £16.79 billion. The struggling utility tumbled to the pre-tax loss in the year to March 31 from profits of £157 million the previous year after it booked a £1.27 billion bad debt provision on intercompany loans and set aside £122 million for fines from Ofwat, among other costs. The group's full year results showed its mammoth net debts swelled by another £1.65 billion over the year, while it revealed a 'disappointing' performance on pollution and sewage spills. The figures come as the water firm remains in talks over a rescue funding deal with senior creditors after private equity firm KKR last month pulled out of plans to inject much-needed cash. Chris Weston, chief executive of Thames Water, said: 'We recognise that our current gearing is too high and, to address this, we are progressing with our Senior Creditors' plan to recapitalise the business which will see us return to a more stable financial foundation. 'This will come with a requirement to reset the regulatory landscape and acknowledge it will take at least a decade to turn Thames around.'
