Zenith turnover up 20% to £589m as managed fleet grows by 10%

Zenith has delivered record turnover of £589 million, up 20% on the £491m achieved during the previous financial year, and its best-ever adjusted EBITDA of £78.2m, up 27%  

Publishing its annual financial results for the year ending March 31, 2022, the Leeds-based business also reports that its managed fleet has grown by 10% to more than 162,000 vehicles.

It has its highest ever order intake with a strong order book of more than 14,000 vehicles going into the current financial year

It also has more than 23,000 battery electric vehicles (BEVs) currently on its fleet or on order.

Tim Buchan, chief executive officer at Zenith, said: “We delivered another year of excellent operating and financial performance as Zenith continues to go from strength to strength, exemplified by the 27% 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.”

Against this economic backdrop, Buchan says that the leasing company is 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 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,” he added.

“I would also like to take the opportunity to thank our customers for their loyalty, our partners for their continuing support and our people for their dedication and commitment to the service of their customers in these challenging times.”

In January, Zenith announced it had raised a £475 million green bond to help it source and finance electric vehicles (EVs) to meet growing demand in the marketplace. 

The UK vehicle leasing company also entered into a new £65m revolving credit facility to replace an existing arrangement.