Eclipx Group (ASX:ECX) see a lift in H1 earnings

Company News

by Rachael Jones

Vehicle fleet leasing company Eclipx Group (ASX:ECX) today reported its first half results for the six months ended 31 March 2020 showing statutory net profit after tax of $13.2 million for 1H20, a significant improvement on losses of $120.3 million for 1H19.

Core Earnings before Interest, Tax, Depreciation, Amortisation and one-off costs (“EBITDA”) of $45.7 million representing a like for like growth rate of 10.6 per cent compared to 1H19.

Eclipx said new business writing will be lower in the second half and said leasing is expected to remain under pressure due to the Covid-19 restrictions.

Shares in Eclipx Group (ASX:ECX) are trading 0.6 per cent lower at 83 cents.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.