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Intermodal Resource is noting that its small net loss in the half-year to June 30 came after taking £100,000 worth of one-off restructuring costs following the merging of its UK activities and a £40,000 charge to the profit and loss account under the new accounting regulations. It is correct to now show a value through the profit and loss account of share options, the company says. "We therefore are excluding these numbers and are exactly as we expected it at the half year," chief executive Robert  Montague tells Motor Transport.

He notes also the sale of the whole of the German swap body fleet and entry into a non "recourse" management agreement, whereby it receives a percent of the revenues without any risk. "This is the first transaction of its kind in our industry but has been used for many years for the purchase of the vast majority of ships and marine containers." Intermodal receives a premium to book value of £450,000 and, following the payment of all working capital and debt in Germany and the UK, it has a cash surplus of £1.4m on deposit for use in growing and expanding more quickly the UK truck and trailer contract hire business.

The maiden interim dividend of 0.13p a share is a signal of confidence in the future, he says. Montague says that Intermodal will avoid any temptation to take risks with depreciation, although he still sees some "foolish pricing" on new equipment in the industry based on adventurous depreciation policies. The trailer leasing  sector continues to suffer from the fall-out of policies made in the past, he says.