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Hitachi Capital Vehicle Solutions publishes annual results

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Hitachi Capital Vehicle Solutions (HCVS) has achieved profit before tax of £25.7m for FY19/20 – annual growth of 4%.

HCVS also a recorded a 19% year-on-year increase in net earning assets, operating 81,000 assets worth £1 billion.

It now stands at number seven in the FN50 and recorded the second largest growth of any of the top 10 providers during the year.

Starting the financial year in a strong position, HCVS won a £136 million contract with Network Rail in May 2019 to manage the company’s owned and leased road vehicle fleet. 

Meanwhile, the division’s market leading personal leasing offering grew by 20% in the past year, comprising over 26,000 vehicles, which are marketed both directly and through a network of brokers and dealers.

Continued investment in new technology and IT infrastructure has improved customer experiences and shaped the business for future growth, it said. This includes creating new core platforms and a number of customer-facing digital solutions, including a driver risk management system and fleet utilisation portal, in partnership with Hitachi SIB (Social Innovation Business) to deliver fleet solutions.

Jon Lawes (pictured), managing director of Hitachi Capital Vehicle Solutions, said: “Over the past twelve months, we have cemented our standing as one of the UK’s largest leasing companies and continued our growth trajectory.”

Demonstrating its sustainability credentials, the leasing company has increased its electric vehicle (EV) fleet by 137% in the past 12 months.

The business has also made a pledge to electrify 100% of the 62,500+ funded car and small van fleet and 50% of the funded van fleet by 2030.

Furthermore, it has struck a long-term agreement with Gridserve Sustainable Energy, to build more than 100 rapid charging Electric Forecourts across the UK. 

During 2020/2021, Hitachi Capital Vehicle Solutions – based in Trowbridge and Newbury – will also become a centre of alternatively fuelled vehicles (AFVs) excellence as part of the Optimise Prime project, designed to address how the UK can manage mass adoption of EVs between now and 2030.

Lawes said: “We have a clear strategy to be leaders in the emergence of AFVs, delivering cost and environmental efficiencies and helping the UK to meeting its carbon reduction targets.

“Optimise Prime and our new partnership with Gridserve are testament to this and it’s exciting to see how our expertise can contribute to developing the infrastructure required for electric vehicle adoption on a large scale, using sustainable energy.

“With our expertise across every vehicle type, HCVS is ideally placed to sustain our reputation in the year ahead as the UK’s car industry begins to bounce back now that lockdown measures are gradually being lifted.”

Hitachi Capital Vehicle Solutions was named Leasing Company of the Year - 20,000-plus vehicles – at this year’s Fleet News Awards. 

Lawes says he is proud of how the team has also come together during the Covid-19 pandemic by providing “outstanding” customer service and helping critical fleets remain on the move to serve vulnerable people.

On a Group level, Hitachi Capital (UK) announced its latest set of financial results that demonstrates significant growth for the eleventh consecutive year.

Profits grew yet again in FY19/20, by 5.1% to £129.4m which, alongside a 2% growth in new business volume and 6% growth in net earning assets, has contributed to a compounded annual growth rate across the last 10 years of 21%.

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