Profits at London fire engine firm AssetCo rocket

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

AssetCo, the outsourcing company that has been supplying and maintaining London's fire fleet since 2001, today reported a 25% leap in profits and dividends.

AssetCo won the 20-year contract to support the London Fire and Rescue Service when it was part of Lattice, the old British Gas services business. It was spun out in 2002, went through a management buyout in 2005 by its current Irish fleet management specialists and reversed on to the stock market two years ago.

It now maintains London's 220 fire engines and an additional 300 vehicles for the Fire Service's 6000 firefighters operating out of the capital's 112 fire stations.

The fire engines coming in to the service are Mercedes-built although they are assembled in the UK at a total cost of around £225,000 for the typical appliance up to £500,000 for the more sophisticated rescue vehicles.

Chief executive John Shannon said AssetCo has tightened its own practices in the face of tighter public spending budgets. "As we enter a period of unprecedented public sector fiscal pressure, the expansion and extension of our support services continue to position this business for the long term," he said.

In the year to the end of March pre-tax profits rose to £11 million on revenues of £79 million. The dividend is up from 1p to 1.25p.