Nexus Vehicle Rental has announced a year of record results, reporting revenue growth of 43.5% and an undisclosed double-digit growth in profit for the fifth-year in a row.
It caps a year that saw the Leeds-based business secure a £142 million private equity investment from Phoenix Equity Partners in July.
The company overhauled its mobile site in 2018 to provide an on-the-move mobility management service, as well as launching a new and improved management information (MI) suite to allow analysis of customer trends. This feature helps customers to save up to 20% on their spend each year by identifying inefficiencies in the rental process, said Nexus Vehicle Rental.
More recently, the company launched a tool that aims to cut customers’ costs for vehicle repairs, providing a link to upload photographs of any damage though IRIS prior to rental from a mobile phone.
Each year Nexus manages around 200,000 individual vehicles on behalf of clients including 66,000 commercial vehicles and 6,000 HGVs following a dedicated HGV rental booking platform launch in 2017.
In total, Nexus’ vehicles have collectively driven more than 750 million miles or 30,000 times round the equator.
Last year also saw Nexus win multiple awards for its consistent growth and commitment to technology. The company won a Lloyd’s National Business Award in November in the Elite London Stock Exchange Group Scale-Up category in recognition of its rapid growth in turnover and staff, increasing its employee numbers by 30% since 2017. CEO David Brennan also won the headline Leader of the Year award in addition to Company Leader (100+ employees) accolade at the recent Business Desk Yorkshire Leadership Awards.
Brennan said: “In a year that’s been dominated by ongoing economic uncertainty, we are proud to have remained focused on growing our business while providing outstanding levels of service for our clients and rewarding careers for employees.
“It’s no mean feat to report our fifth consecutive year of double-digit growth and we are taking advantage as businesses are increasingly switching to short and medium-term mobility solutions to combat a lack of clarity within the current economic climate.
“I’d like to pay tribute to all our staff, suppliers and customers that helped us build and improve our business in 2018 and I am tremendously excited about the year ahead.”
Nexus Vehicle Rental offers daily, short, medium and long-term rental with access to more than 550,000 vehicles, including 100,000 specialist and commercial vehicles and 50,000 HGVs across 2,000 UK locations.