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

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.

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Source: Finance News Network