Watch our key highlights video
On 31 July we published our Annual Report, which details our performance for the 2022/23 financial year. The report covers our financial highlights, how we’re performing against our strategies, progress in our sustainability mission, and much more.
Despite the continuing economic and market challenges, this past year has seen increased turnover by 16.8% to £688.1m (2022: £589.1m) and delivered another record EBITDA of £79.4m[1]. Zenith’s diverse business model, addressing business and consumer markets, has continued to prove resilient, driving positive outcomes across the Group’s three divisions. This includes solid progress on the Group’s vision to decarbonise the UK vehicle parc by eliminating tailpipe emissions, with the proportion of battery electric vehicles (BEV) in the funded fleet growing to 32%[2], in a year that saw over 8% growth in Zenith’s funded fleet.
Financial highlights
- EBITDA
increased to £79.4m[1] (2022: £74.7m) - Turnover
increased by 16.8% to £688.1m (2022: £589.1m) - Gross profit
increased by 7.9% to £147.0m[1] (2022: £136.2m) - Order bank
of over 12,000[2] vehicles, underpinning Zenith’s future growth - ZenAuto moved into profit[3]
with the fleet growing to over 11,000 vehicles - Increased securitisation facilities
by £250m to £975m and extended to November 2025.
Operational highlights
Award-winning
Won Fleet News Leasing Company of the Year (over 20,000 vehicles) award
- Created 170 new jobs in our local communities in the UK, a 14% YOY growth in total employees.
- The UK government’s commitment to maintain Benefit-in-Kind tax at low levels until 2028, and the new zero emission vehicle (ZEV) mandate, underpins the Zenith strategy.
- Completed the first Zenith Census to better understand the diversity of our people.
- Launched our first EVXperience report, the UK’s largest ever survey of BEV drivers.
- Successful compliance with the Financial Conduct Authority’s (FCA) new Consumer Duty, which applies to consumer regulated businesses from 31 July 2023.
[1] Excluding the adjustment relating to the reassessment of residual values on funded fleet and exceptional items.
[2] Excluding managed fleet and commercial vehicles.
[3] Breakeven on an EBITDA basis, before exceptional items.
