UNCERTAINTY in the used car market cut pre-tax profits at Fleetlease, the contract hire and vehicle management division of Hitachi Credit (UK), by 27% to £1.2 million in the past half year. But the firm, which had a turnover of £31 million for the six months to September 30, down 3% year-on-year claims it has weathered the worst of the storm, and has increased its fleet by 14% to more than 19,000 vehicles.

This includes an 8,000 managed fleet, which is up 59% and follows a concerted effort to strike a greater balance between contract hire and fleet management, to spread its risk. Overall, turnover at parent company Hitachi Credit was up 17% to £66.1 million, while gross profit grew 23% to £20.3 million.