Mitsubishi HC Capital UK – trading as Novuna – has reported pre-tax profits of £120.6 million with record new business volumes.

New business for the parent company of Novuna Vehicle Solutions reached £4.65 billion, a 6.3% increase on the prior year, winning some of the UK’s largest contracts including Vitality, Specsavers, Royal Mail and Schneider Electric.

The Group, a top 10 provider of consumer, vehicle and asset finance, with more than 1.3 million customers, had net earning assets reaching £8.6bn.

Novuna Vehicle Solutions – the sixth largest vehicle leasing company in the UK according to last year’s FN50 – expanded its fleet during 2024/25 from 109,000 to more than 113,000 vehicles.

Fleet value grew by 8.9% year-on-year to £2.1bn, with the business advancing customers’ sustainability goals through end-to-end, fuel agnostic decarbonisation solutions.

Delivering tailored solutions to customers including Amey, Centrica, Network Rail and Kier and new customer wins including Royal Mail and Schneider Electric, it saw new business volumes rise by 4.2%, from £848.2m to £884.1m.

Robert Gordon, CEO of Mitsubishi HC Capital UK, said: “Despite the headwinds of the past year, Mitsubishi HC Capital UK PLC has delivered a strong and resilient performance.

“Our unwavering focus on delivering value-added products and exceptional service across both commercial and consumer markets has driven record levels of new business, while also deepening relationships with existing customers.

“Through strategic investments in our people and technology, and by exiting underperforming European branch operations, we have strengthened our operational efficiency and upheld a high-quality portfolio.

“With margin pressures easing and a growing, diverse funding base, the Group is well-positioned for sustainable, long-term growth. Winning and retaining customers will continue to be at the heart of our success.”

Mitsubishi HC Capital UK diversified its capital funding sources with public issues in Asia, the UK and Europe during 2024/25, attracting new funders.

Each business division across the UK and Europe returned pre-tax profits during the year with a total of £9.4bn of assets under management.

Novuna Consumer Finance posted an annual pre-tax profit of £38.9m, up £9.5m on the previous financial year, with new business volumes growing by 8% on the prior year, up to £2.5bn, coupled with the recovery of new business margins during 2024/25.

MHC Mobility - the European leasing subsidiary of Mitsubishi HC Capital UK PLC, which operates across seven European countries – exceeded expectations in the Netherlands and Germany, recording a pre-tax profit on continuing operations of £15.8m. Pre-tax losses of £11.5m were recognised in relation to discontinued operations in Czech Republic, Slovakia, and Hungary.

Meanwhile, MHC Mobility Benelux expanded into Luxembourg, strengthening its presence in the region alongside existing operations in Belgium and the Netherlands as net earning assets grew across MHC Mobility by 6.6% from £749.1m to £798.6m.