Hitachi Capital Vehicle Solutions claims the increase in profits to £6.8 million, compared with £4.7 million in 2003, is mainly due to its fleet increasing by 12% to 35,500 vehicles.
Simon Oliphant, the group's managing director, said: 'This excellent result reflects both growth in our fleet and an improvement in disposal profits, where the market has performed better than was forecast.'
Oliphant added: 'We are confident growth will continue and our plan is to build on our reputation for quality and develop our overall customer proposition.'
Hitachi Capital Vehicle Solutions now plans to increase its share in the leasing market.
A strong commercial vehicle offering and rental product have also boosted profits, according to the group. New business in its commercial vehicle arm surged by 90% to £16 million turnover with growth in daily rentals hitting 28%.
Oliphant said: 'We believe we can further capitalise on our growth in the commercial sector and continue to provide a one-stop shop solution for all of our clients.'
Hitachi Capital Vehicle Solutions was highly-commended in this year's Fleet News Awards in the Best Contract Hire/Fleet Management Company category, sponsored by Iveco.