Zenith reports record growth and profits amid pandemic
Zenith delivered record growth and profits during the pandemic, supported by existing investment in people and systems and its ongoing expansion.
The fleet funding and management specialist has published its annual financial results for the year ended 31 March 2021 and revealed that it posted EBITDA of £61.5m in its corporate fleet business; up £3.2m, or 5.4% on the previous year.
Incorporating the results from its digital direct-to-consumer brand ZenAuto, which saw heavy investment during the period, statutory EBITDA was £58.1m – an increase of 3.4% or £2.0m for the figure of £56.1m for the year ended 31 March 2020.
The firm, which manages over 150,000 vehicles across the full range of asset types, said a range of factors had underpinned its strong performance. This includes a strong track record of investment in people and systems, which meant that the company could shift to full remote working two weeks before the first government-imposed lockdown in March 2020.
It’s also expanded its work in commercial vehicles. In September 2020, Zenith acquired the fleet services and rental operations of the Cartwright Group and has since grouped its commercial vehicle operations together under a new Zenith Commercial brand.
Zenith also continues to support the UK’s transition to electric vehicles; levels of demand from its customers for electric cars and vans are at unprecedented levels while it’s also pushing ahead with the target for its inhouse car fleet for its employees to be all-electric by 2025.
Zenith has also achieved carbon-neutral status with certification from Carbon Footprint; achieved through a number of means, including a comprehensive examination of company car use, the energy that the company’s buildings consumed, home vehicle charging and a wide range of factors in its supply chain.
Tim Buchan, chief executive officer, 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.”
He continued: “I’m really excited as we look forward to the coming year. We have seen that our business model, our unique range of services and the demand for vehicle mobility will be central to everybody’s lives in the future as we emerge from the pandemic and I am confident that Zenith will continue to go from strength to strength.”