Leeds-based vehicle management firm Zenith announces year of 'record performance'

Tim Buchan, chief executive officer at Zenith, said: “I am proud to report that Zenith has delivered another year of record performance, with EBITDA at almost £80 million, and the size of our funded fleet reaching an all-time high. This has been achieved while making significant investments in the business to position us for continued success over the long term.

“Once again, the fundamental resilience of our strategy and business model has come to the fore, enabling us to continue delivering despite the testing economic backdrop. From the ongoing war in Ukraine and supply chain disruption, inflationary pressures, and interest rate uncertainty, to increases in overhead costs, there have been challenges throughout our sector for both businesses and consumers.

“Nevertheless, we have stepped up and shown how we can adapt and grow as a team to thrive.”

This year also saw the firm’s total fleet (funded and managed) grow by 3.9 per cent to 168,292 vehicles, despite new car registrations declining to their lowest level since 1992.

The company’s funded fleet also grew by 8.4 per cent to 76,034 vehicles, with the percentage of battery electric vehicles in the funded fleet growing to 32 per cent.

The business also created 170 new jobs in the UK, a 14 per cent year on year growth in total employees.

The firm saw a number of board changes this year, with Martin Holland stepping down as deputy CFO. Mr Holland will be replaced by two new non-leadership board roles, with Nicola Brown as group finance director and Sarah Thompson as corporate finance director and head of investor relations.

John Tracy, CEO of the Consumer division, is also leaving to return to the USA, with Andrew Kirby assuming his responsibilities, in addition to his existing role as CEO of Zenith’s rental business.

The firm was also recognised with an award this year.

Mr Buchan said: “Our success this year was recognised by Fleet News, which named us as its Leasing Company of the Year in our category 3.

"I would like to thank all our incredible people for the day-in, day-out support they give to our customers. And to thank our customers and partners – long standing and new – who place their trust and confidence in Zenith every day.”

Earlier this year, the firm also launched its first EVXperience report, the UK’s largest ever survey of battery electric vehicle drivers.