Novuna Vehicle Solutions expands fleet to 113,000 as parent company posts £120.6m profit

Novuna Vehicle Solutions increased its fleet to more than 113,000 vehicles during the 2024/25 financial year, up from 109,000 the previous year.

The company also saw its fleet value rise by 8.9% to £2.1bn, and reported new business volumes of £884.1m, a 4.2% year-on-year increase.

The results were published today by parent company Mitsubishi HC Capital UK PLC, which trades as Novuna in the UK. The group recorded a pre-tax profit of £120.6m and new business volumes of £4.65bn, with net earning assets reaching £8.6bn. Across the group, bad debt remained low at 0.32% of total assets.

Robert Gordon, CEO of Mitsubishi HC Capital UK PLC, said: “Despite the headwinds of the past year, Mitsubishi HC Capital UK PLC has delivered a strong and resilient performance.

“Our unwavering focus on delivering value-added products and exceptional service across both commercial and consumer markets has driven record levels of new business, while also deepening relationships with existing customers.

“Through strategic investments in our people and technology, and by exiting underperforming European branch operations, we have strengthened our operational efficiency and upheld a high-quality portfolio.

“With margin pressures easing and a growing, diverse funding base, the Group is well-positioned for sustainable, long-term growth. Winning and retaining customers will continue to be at the heart of our success.”

Customers of Novuna Vehicle Solutions include Amey, Centrica, Network Rail and Kier, with new business wins during the year including Royal Mail and Schneider Electric. The division is the sixth largest leasing company in the UK and continues to focus on offering fuel-agnostic, decarbonisation-led fleet solutions.