No surprise that profits are down. As they say, this is purely due to the over inflated used car prices the previous year. Still three-quarters of a billion pounds profit though!
The two most interesting things for me are the comment that “the estimated fleet remains above levels estimated in lease pricing over the last three years”. Translated, that means that the APs we have been charged were greater than they needed to be.
Also, their obsession with EVs is not being replicated by their customers, with less than 5% of customers having switched to electric.