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Article: Arriva motors on buses deal
- Article from:
- The Independent (London, England)
- Article date:
- July 31, 1998
- Author:
CopyrightCopyright 1998 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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ARRIVA, THE former Cowie Group, pleased the City yesterday with
the twin news that its expanding bus division offset a poor showing
in vehicle contract hire in the half-year to June, and that it has
received several approaches to buy the ailing finance arm.
Shares in Arriva rose 11p to 387.5p as chairman Sir James McKinnon
disclosed that half-year profits had been pegged at pounds 47.6
million after a pounds 3.2 million improvement from buses. Earlier
this year the group warned twice that profits would be hit by a
setback in contract hire.
The exact fate of the contract hire business has yet to be
decided, but it will be "separated" from the group by the year-end to
enhance shareholder ...