LeasePlan Corporation N.V. has published latest results for the third quarter and the first nine months of 2016, showing a rise in profits and the number of managed vehicles.

LeasePlan’s fleet grew from 1.55 million to 1.64 million vehicles at the end of the third quarter

Announced eight months after LeasePlan was acquired by a consortium of investors, the results show that gross profit for the first nine months increased by 9% to EUR 868.6 million versus EUR 798.7 million for the same period a year earlier. When adjusting for one-time items in both 2015 and 2016, the gross profit increased by 6% year-on-year.

In the first nine months of 2016, Lease Plan’s fleet grew from 1.55 million to 1.64 million vehicles. The company also reported further progress in differentiating its client base, with SME and Private Lease representing the fastest growing segment, achieving 19% year-on-year growth in vehicles under management.

LeasePlan also record further fleet growth among its larger international clients, growing this segment by 9.2% year-on-year to 450,000 vehicles under management. The corporate segment showed a year-on-year growth of 6.3%.

Tex Gunning, who was appointed CEO of LeasePlan in September, said: “I feel privileged to lead LeasePlan to its next stage of development. It’s a great company with dedicated staff and a strong international track record of successfully serving an increasingly diverse client base for over 50 years. As our markets will become more dynamic, LeasePlan now embarks on the next phase of its development. In recent weeks we have identified ample opportunities to further unlock the potential of LeasePlan and deliver more value for both customers and investors.
We have designed a new value creation model and have started to build a more integrated organisational structure. During the coming months we will undertake a strategic review and further shape our vision for the road ahead. We anticipate providing a more concrete and detailed view on our plans at the end of the first quarter of 2017.”