Hitachi Capital Vehicle Solutions is announcing a profitable end to its financial year, fuelled by portfolio acquisitions and organic growth. The Vehicle Solutions division of Hitachi Capital has reported a six per cent increase in profit to £11.5m before tax for the 12 months ending 31 March 2011.
During this period, Hitachi Capital Vehicle Solutions saw its fleet grow by 16 per cent to more than 50,000 vehicles which increased turnover by 14 per cent to £134m. This growth is partially driven by an acquired portfolio of 6,200 vehicles from Newtown Vehicle Rentals Limited.
James Worraker, head of Finance says, “The excellent financial results demonstrate our commitment to delivering profitable growth through our three centres of excellence: contract hire cars, commercial fleets and the driver instructor market.
“Looking ahead, with our committed and experienced employees and provision of funding through the strength of our parent company, Hitachi Capital Vehicle Solutions is strongly placed to meet both new and existing customers’ requirements. We are committed to maintaining high service levels and delivering innovative solutions.”
Simon Oliphant, chief executive at Hitachi Capital Vehicle Solutions, comments, “Following a successful year we are pleased to report an increase in our overall company turnover and profit as well as fleet size. I am confident these figures reflect the achievements of our business strategy and commitment to providing the highest levels of customer service which has enabled us to grow our fleet portfolio.”