LeasePlan posts record profits and eyes possible £5bn market flotation
LeasePlan is reportedly preparing for a stock market flotation worth a potential £5bn after releasing a stellar set of financial results for 2017.
The global leader in fleet management and driver mobility increased its fleet to 1.7mn vehicles over the course of the year and recorded a 10% increase in annual profits to a net €467mn.
According to The Telegraph, the Amsterdam-based firm is now weighing up a £5bn float and is taking advice from Deutsche Bank and UBS about the possibility, though CEO Tex Gunning gave nothing away this week.
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LeasePlan has enjoyed particular growth in its car-as-a-service market (CaaS), saying it will lead on the 'megatrand' of drivers switching from ownership to a usership model.
The company is also launching its digital transformation project which will see it become a fully-enabled digital business leveraging 'the latest intelligence technologies', a body of work called LeasePlan Digital.
"These results underline the strong and resilient nature of our business as well as the ongoing positive impact of our ‘The Power of One LeasePlan’ operational excellence initiative, which was successfully launched in 2017," said Gunning.
"Looking ahead, we can achieve so much more. With 1.7 million cars on the road in 32 countries, we are already a global leader in providing our customers with Car-as-a-Service for new cars – a business we will continue to invest in."