Fleet solutions business accelerates with record growth and profits

X The Business Desk

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Independent fleet solutions specialist, Zenith, has delivered EBITDA of £61.5m in its corporate fleet business, up £3.2m, or 5.4% on the previous year.

The Leeds-based company has today published its annual financial results for the year ended 31 March 2021.

After incorporating the results from its digital direct-to-consumer brand ZenAuto, which the Group has invested heavily in during the period, statutory EBITDA was £58.1m (year ended 31 March 2020: £56.1m), an increase of 3.4% (£2m).

The business today manages over 150,000 vehicles across the full range of asset types, from company cars and vans to trucks and trailers.

Its portfolio has also continued to grow over the last 12 months and includes some of the UK’s most famous household names.

  •  The company shifted to full remote working two weeks before the first Government-imposed lockdown in March 2020.

  • In September 2020, Zenith acquired the fleet services and rental operations of the Cartwright Group and saw 259 new colleagues join its Commercial division. Both Zenith Commercial Fleet Solutions and Zenith Trailer Rentals have performed strongly since the acquisition.

  • Zenith announced that the company’s own car fleet for its employees would be all-electric by 2025. It notes levels of demand from its customers for electric cars and vans are at “unprecedented” levels.

Tim Buchan, chief executive officer, said: “2020 was unlike any other year in living memory, with the COVID-19 pandemic creating huge challenges.

“Despite this, I am pleased we were able to deliver such an excellent performance.

“It’s testament to the quality and culture of the business that we were not only able to hold our position but to deliver strong growth in so many areas.

“For instance, the fact that we were able to complete an acquisition like Cartwright in record speed demonstrates the agility of the business.

“The deal saved 259 jobs and secured Zenith’s position as the UK’s largest HGV and specialist fleet operator, managing 50,000 vehicles and one of the largest trailer rental fleets in the country.

“Throughout the year, we continued to invest and innovate, with ZenAuto being a particular area of focus for us as our digital, direct-to-consumer offer continues to grow.

“But that investment has also been in our people as we continue to invest in the next generation of the Zenith team.”