'Carbon neutral' Leeds transport firm announced "record profits" during pandemic
A Leeds-based carbon neutral transport company has announced “record profits” during pandemic.
Zenith delivered earnings before interest, taxes, depreciation and amortization (EBITDA) of £61.5m in its corporate fleet business, up £3.2m, or 5.4 per cent on the previous year.
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 per cent (£2.0m).
The firm claims that its apparent success is down to several factors, including the fact the company could shift to full remote working two weeks before the first Government imposed lockdown in March 2020.
Zenith achieved carbon neutral status with certification from Carbon Footprint. It achieved this through several means, including an examination of their company car use, the energy that the company’s buildings consumed, home vehicle charging and a wide range of factors in its supply chain.
Also, Zenith moved to acquire the fleet services and rental operations of the Cartwright Group and saw 259 new colleagues join Zenith’s Commercial division.
Tim Buchan, chief executive officer of Zenith, said: “2020 was unlike any other year in living memory, with the global COVID-19 pandemic creating huge challenges. Despite this, I am pleased that 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.”
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