Vehicle leasing and fleet management company Zenith grew its corporate funded fleet by 5.8% in the year ending on 31st March 2025, but residual value (RV) profits decreased.
166,000 vehicles are now managed by the company in total, while electric vehicles (EVs) make up 47.5% of the corporate and consumer funded fleet.
Overall adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were down by 34% year-on-year, at £42.2m, due to lower RV profits.
Excluding RV, EBITDA was up 14.2% year-on-year.
Richard Jones (pictured), CEO at Zenith, said: “Against an uncertain economic backdrop, we continue to focus on delivering our strategy and influencing the financial and operational metrics we can control, an approach which has seen our underlying business strengthen, as we continue to win new contracts.
“For the third consecutive year, we’ve grown our Corporate funded fleet, with salary sacrifice up 10.4% year-on-year, supported in part by the Government’s renewed commitment to Benefit-in-Kind incentives on BEV cars.
“Our Commercial division continues to deliver strong performance while continuing to expand its mobile maintenance offering to support growing customer demand.
“As I reflect on my first few months as CEO, I am impressed by the strength and resilience of the Zenith Group, underpinned by the expertise, commitment and efforts of our talented colleagues.
“Thank you to everyone who has supported Zenith this year and I am confident that by working together as a team, and alongside our customers and partners, we can continue to make strategic progress.”
Zenith’s lease extension programme, Project Volt, continued to make progress, with £10.8m in value created since it launched in 2024.
