FleetPartners Group (ASX:FPR) has completed its Accelerate transformation program and expects to deliver a first-half NPATA of between $37.5m and $39.5m, despite lower new business volumes.
The Accelerate project consolidated multiple brands and systems into a single operating platform, which is now live across the group. The company anticipates $6m in annualised cost savings, with half of that benefit reflected in FY25 and the remainder from FY26 onward.
FleetPartners also confirmed it had completed its $30m on-market share buy-back for the first half of FY25. Since May 2021, the company has repurchased $255m worth of shares, reducing issued capital by 33%.
Net operating income before end-of-lease (EOL) and provisions rose 9% year-on-year for the period ended 28 February 2025. While new business writings were approximately 20% lower than the prior period, this was attributed to system cutover impacts and softer macroeconomic conditions in New Zealand. Management expects to clear the backlog by April.
EOL income per vehicle remained high at $5,809, down slightly from FY24’s $6,141, with used vehicle prices stabilising in recent months.
FleetPartners will release its 1H25 results on 12 May 2025.
Shares are trading 0.92% higher at $2.74.
