Car leasing company Lex Autolease, owned by Lloyds Bank, reported a pre-tax loss of £10.6m in 2024, a significant drop from previous profits. Revenue increased to £2.4bn despite the loss, attributed to higher depreciation charges, reduced profits from vehicle disposals, and rising interest expenses.

The company’s net assets decreased to £182.1m in 2024, with property, plant, and equipment rising to £5.73bn. Borrowed funds from Lloyds Bank Group increased to £5.84bn. New business volumes fell by 6%, influenced by high prices and economic pressures.

Lex Autolease maintained a 17% market share in deliveries for 2024, but scrapped its dividend to Lloyds Bank. Used car prices stabilized in 2024, with expectations of continued stability. The company expects muted growth due to the Zero Emission Vehicle mandate, with rising supply of used electric vehicles affecting market dynamics.

A partnership with motoring app Caura was formed earlier in the year to allow personal contract hire customers to manage their vehicle needs. The news was originally reported by Motor Finance Online.

Read more at Yahoo Finance: Lex Autolease reports loss amid market challenges