Eclipx Group Limited’s FY 19 Updates

  • Nov 27, 2018 AEDT
  • Team Kalkine
Eclipx Group Limited’s FY 19 Updates

Eclipx group limited has achieved growth in FY 19 with activity system driving participation. The company had made continued new business wins with yields and residual value in line with expectations. The company has also made a positive start from the repositioned RFS segment and it has recently launched novated lease buyback initiative which is out performing new car market growth. It has increased its retail footprint (JHUC) and has digital focus which is driving innovation.

The company has launched Maxxia drive with their new virtual reality experience. As per the planned activities in the next few years company has made 3-year investment to drive margin improvement and enhance customer experience. The Investment is brought forward following the successful launch of first wave of robotic process automation for January delivery Novated sales platform on track. There is a fully dedicated team committed to delivering strategy.

The Maxxia UK had a softer start with Brexit and new Euro emission standards have decreased new vehicle sales and has continued focus on organic growth supported by acquisitions to increase geographic footprint. The company is continuing to build scale and lead the market nationally with rebranding launched. It has made strong partner relationships and segment leading technologies driving customer growth. The company has increased its scale delivering with planned partners which has led to improved margins. The company has expected to deliver its first month of profitability in December 2018.

Overview of the merger with MMS:

For each Eclipx share held Eclipx shareholders are set to receive 0.1414 MMS shares and $0.46 cash. The combined group creates a leading New Zealand and Australian salary packaging and fleet management provider. Culminating in a period of due diligence and an agreed merger MMS and Eclipx have been in discussions for twelve months.

In the board and management three Eclipx directors are supposed to join the MMS Board while Mark Blackburn and Mike Salisbury to continue as CFO and CEO respectively.

The Eclipx group limited (ASX: ECX) is trading at a market price of $2.575 with a daily price change of 4.251%. The stock over the past one month has witnessed a performance change of 6.47%.


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