Leasedrive VELO

Leasedrive Velo posts successful first business year
10 June 2008

Leasedrive Velo, one of the UK’s largest independent privately-owned vehicle management groups, has announced that the combined turnover of the group in the first year following the successful merger between Leasedrive and Velo in January 2007 was £56m. Earnings before interest, tax and amortisation (EBITA) was £4.6m.

Chief executive officer, Roger Partridge, said: “The excellent results achieved in the first year of trading, following the merger between the two companies, underlines this was the right move for both companies. It is also a reflection of the success of the integration, which went seamlessly to plan. Our group continues to dedicate itself to providing blue chip clients with the highest quality bespoke vehicle management service available.

“Our combined customers have benefited not only from the ultimate in customer service excellence delivered by our vehicle management division but also a more comprehensive range of services, improved efficiencies, reduced costs, ‘net-net’ pricing and increased investment in new products and services. Most importantly, we continue to invest in Drive:Manager, our industry-leading totally integrated online fleet management system which still sets the benchmark standard for operational and customer service quality in the industry.

“Our rental management division continues to go from strength to strength with our millionth rental recorded last autumn.

“Despite a tough economic backdrop, we remain on target with our current business plan which should see an even better financial performance recorded by year end.”

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