Leeds electric vehicle specialist delivers record growth and £589m turnover

Leeds based independent leasing, fleet management and vehicle outsourcing business Zenith today published its annual financial results for the year ended March 31.

The Leeds based employer of over 1,200 people delivered record turnover of £589m, up 20 per cent on the £491m in the prior year, and its best-ever adjusted EBITDA of £78.2m, up 27 per cent.

These record financial results reflect growth across all of Zenith’s divisions and delivery against its strategy to drive the adoption of electric vehicles and help to decarbonise the UK vehicle parc.

As part of its focus on driving sustainable growth, Zenith is proud to be “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 successfully launched a £475m Green Bond, the sector’s biggest ever, with the commitment to spend at least this amount over the next two years to expand its battery electric vehicle fleet yet further.

Other highlights include:

• Funded and managed fleet grows by 10 per cent to more than 162,000 vehicles
• Highest ever order intake with a strong order book of more than 14,000 vehicles going into the current financial year; a sign of sustained growth for when supply normalises
• Growth in the consumer mobility business, ZenAuto, launching its first national advertising campaign that helped the division pass the 9,000 vehicle milestone in April 2022.

Tim Buchan, chief executive officer, Zenith, commented: “We delivered another year of excellent operating and financial performance as Zenith continues to go from strength to strength, exemplified by the 27 per cent growth in EBITDA to £78.2m.

“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, driven by our three key enablers – powered by people, reinforced with technology and supported by scalable, sustainable funding.

“Zenith’s vision is to end tailpipe emissions and I am encouraged to see that 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.”

By Matthew Neville – Correspondent, Bdaily

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