Zenith Provecta drives profits

YORKSHIRE-BASED Zenith Provecta, the UK’s largest independent fleet management company, saw its pre-tax profits increase by almost £2m to £6.6m last year on turnover of £116m.

The Leeds-based group, which has 25,000 vehicles under management for blue chip clients such as BP, Asda, DuPont, Ernst & Young and Persimmon, saw the benefits of its acquisition of southern rival Provecta Car Plan coming through with pre-tax profits for the year to the end of March up from £4.7m to £6.6m.

The figures make the fleet management company one of the most profitable in the sector and has seen it achieve 43% compound annual growth over the last six years.

Zenith Provecta chief executive Andrew Cope, said: “These results reflect our strong client base with long term contracts, which provide us with underpinned quality income streams.

Also, our £200m headroom on funding facilities will secure our business growth for the next two years. In the current climate this is a true vote of confidence from the financial sector.”

Mr Cope said that the used car market began to recover towards the end of the financial year because of the shortage of stock.