Vehicle rental company reports record year as revenue hits £84m

Leeds-based Nexus Vehicle Rental has announced a year of record results, with double digit growth in both revenue and profits for the fifth year in a row.

For the financial year ending 30 September, the tech-driven business mobility provider reported a 43.5% rise in revenue, from £58.6 in 2017 to £84.1m; and a 60% increase in pre-tax profits, from £5.3m to £11m.

The tech-driven business mobility provider achieved this growth in a year which saw it secure a £142m private equity investment from Phoenix Equity Partners.

Nexus will use this investment to continue to expand and further develop its proprietary rental booking and management technology, IRIS.

The company overhauled its mobile site in 2018 to provide an on-the-move mobility management service, as well as launching a new Management Information (MI) suite to allow analysis of customer trends.

This feature helps customers to save up to 20% on their spend each year by identifying inefficiencies in the rental process.

Nexus also launched a tool to cut customers’ costs for vehicle repairs, providing a link to upload photographs of any damage though IRIS prior to rental from a mobile phone.

Each year Nexus manages around 200,000 individual vehicles on behalf of clients including 66,000 commercial vehicles and 6,000 HGVs following a dedicated HGV rental booking platform launch in 2017.

In total, Nexus’ vehicles have collectively driven more than 750 million miles or 30,000 times round the equator.

Last year also saw Nexus win multiple awards, with CEO David Brennan picking up the headline Leader of the Year award in addition to Company Leader (100+ employees) accolade at the recent Business Desk Yorkshire Leadership Awards. The firm is also shortlisted in three categories at this year’s Business Masters Awards

Brennan said: “In a year that’s been dominated by ongoing economic uncertainty, we are proud to have remained focused on growing our business while providing outstanding levels of service for our clients and rewarding careers for employees.

“It’s no mean feat to report our fifth consecutive year of double-digit growth and we are taking advantage as businesses are increasingly switching to short and medium-term mobility solutions to combat a lack of clarity within the current economic climate.”

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