Novuna Vehicle Solutions and MHC Mobility report strong fleet growth

Novuna Vehicle Solutions and MHC Mobility have grown their combined fleet by 8%, contributing to Group pre-tax profits of £126 million.

Novuna Vehicle Solutions achieved pre-tax profits of £62.8m, while MHC Mobility reported £10.3m in pre-tax profits. 

Novuna Vehicle Solutions’s fleet, which is valued at £1.9 billion, was 11% up year-on-year, helping it to secure sixth place in last year’s FN50. 

The vehicle leasing company has continued to invest in end-to-end decarbonisation solutions for businesses. 

It opened an electric vehicle (EV) charging forecourt at its Trowbridge premises in September and has also expanded investment into alternative fuel solutions for the heavy transport sector. 

As the selected leasing partner within the Tees Valley Hydrogen Vehicle Ecosystem Consortium, Novuna is also supporting the first large scale deployment of fuel cell electric HGVs in the UK. 

Increased penetration of the specialist assets sector enabled the business to expand its operating fleet by 5.7% to more than 109,000 vehicles.

Mitsubishi HC Capital UK’s European operation, MHC Mobility1, which operates across Austria, Belgium, Czechia, Germany, Hungary, the Netherlands, Poland and Slovakia, recorded growth in new business volumes of 35%.  

Jon Lawes, managing director for Novuna Vehicle Solutions and MHC Mobility, said: “Our unique capability to build, fund and manage the in-life maintenance across all vehicle types, fuelled our performance this year.  

“Driven by our customer centric approach and end-to end decarbonisation expertise, we continue to secure contracts with some of the largest fleet operators as the business continues to lead the transition to net zero. 

“Following the integration of MHC Mobility, we are focused on continuing to build on our reputation as a trusted partner for every vehicle and every business in the UK and across Europe." 

Robert Gordon, CEO of Mitsubishi HC Capital UK, added: “Despite a difficult trading environment, it’s been an exceptional year for Mitsubishi HC Capital UK PLC.

“Our commitment to delivering for our customers is demonstrated by the increase in new business to record levels, and our ability to grow and retain our existing customer base, against a background of high interest rates and prolonged instability. 

“At the heart of our success is our commitment to invest in our people and the technology to support our customers. Building long-term sustainable relationships that can withstand challenging market environments, whilst maintaining a high-quality portfolio.”