Reading through the financials:
Losses this year £158.8m (564.6 last year) of which the first half of financial year saw £144.6m loss. Second half lost only £14.2m and that also suggests that Motability Operations will be profitable from the start of their next financial year.
GAINS on disposal £5.6m in a total sales value of £2.2b. That’s pretty much dead on depreciation calculations. When you’re selling billions worth of assets a change of only single figure millions is a fraction of 1% where most accounting practices would accept somewhere nearer 2-5% error margin on something as volatile as disposal of depreciated assets.
It’s worth noting that they claim insurance pressures were a 39% increase in premiums for the fleet, that’s a huge jump and is why they’re increasing excesses and other cost saving measures are/will be implemented.
Available vehicles with nil AP 2024 108, 2025 52, although it’s worth noting there was a considerable increase from 2022/3 averaging 73 each year.
In all, Motability Operations are in a stable and improving position. Investors would be happy to see those numbers. However, with all the upcoming changes, it’ll be interesting to see how these will look next year.
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Mark