Looking through some of the detail, it seems as though the vast majority of the pre tax loss is the adjustment in used car values, following the over inflated prices of the past few years. They show an adjustment for that which wipes out about 80% of the loss.
Interesting that, in spite of the financial performance, the CEOs remuneration rose to £748,000 and the Chief Financial Officers package wasn’t far behind at £691,000. Nice work if you can get it, especially in a monopoly where you have no competitors 🤔
The most interesting thing for me was that EV take up, even allowing for cars in the pipeline, only represents 1 in 10 customers. As 90% of Motability customers order a new car every 3 years, and Motability have been pushing EVs hard for the last 2 years, that doesn’t seem a lot, especially as getting an EV through Motability removes many of the barriers to ownership that are keeping private buyers away from them. Yet more evidence, if ever it was needed, that the 2030/35 dates will have to change, although the current government still have their fingers in their ears over this.
As previously flagged, there are also several mentions that Advance Payments are going to be rising.
