Resilient business model produces record results at vehicle leasing firm
Zenith, an independent leasing, fleet management and vehicle outsourcing business, has delivered record turnover in its annual financial results for the year ended 31 March 2022.
The Leeds-based company, which employs more than 1,200 people, posted turnover of £589m, up 20% on the £491m in the prior year, and its best-ever adjusted EBITDA of £78.2m, up 27%.
Zenith says it has enjoyed growth across all its divisions.
Tim Buchan, chief executive officer, said: “While the UK is in challenging economic times, I am encouraged by the strength and resilience of Zenith’s business model and strategy.
“Despite headwinds such as the continued shortage in new car production and macroeconomic uncertainty, we are well placed to make progress and develop our business.
“Against this economic backdrop we are facing the longer-term challenges of the climate crisis and the imperative to decarbonise.
“Zenith’s vision is to end tailpipe emissions and I am encouraged to see demand for electric vehicles is stronger than ever and that, across our divisions, we have the scale, expertise, delivery platform and great people, to help our customers make the transition to zero carbon transport.”
The business is now one of the largest purchasers of electric vehicles in the UK, with over 23,000 battery electric vehicles currently in its fleet or on order.
In January 2022 the company launched a £475m Green Bond, with the commitment to spend at least this amount over the next two years to expand its battery electric vehicle fleet yet further.
Highlights of the year for Zenith included its funded and managed fleet growing by 10% to more than 162,000 vehicles.
The company experienced its highest ever order intake with a strong order book of more than 14,000 vehicles going into the current financial year.
And it reports growth in its consumer mobility business, ZenAuto, which launched its first national advertising campaign that helped the division pass the 9,000 vehicle milestone in April 2022.
Zenith also successfully integrated the former Cartwright fleet services and trailer rental businesses – acquired in the prior year – into its Commercial division.
