Novuna Vehicle Solutions, the UK operations of Mitsubishi HC Capital UK (MHCUK), and MHC Mobility, the Group’s European branch, have grown their combined fleet by 8% year on year, to 155,000 vehicles. The increase is largely due to new business, the Group says.
“Despite a difficult trading environment, it’s been an exceptional year for us”, says Robert Gordon, CEO of MHCUK, pointing to “the increase in new business to record levels, and our ability to grow and retain our existing customer base against a backdrop of high interest rates and prolonged instability.”
- Novuna Vehicle Solutions (red on map) increased new business volume by 20.2%, with revenues up 17.7% year on year. The operating fleet grew by 5.7% to over 109,000 vehicles and is now valued at £1.9 (€2.3) billion, up 11% year on year. As a result, Novuna Vehicle Solutions is now the sixth-largest leasing company in the UK.
- MHC Mobility, which operates across eight European countries (Austria, Belgium, Czechia, Germany, Hungary, the Netherlands, Poland, and Slovakia; green on map), increased new business volume by 35%, with fleet size up 13%. These positive results reflected robust demand, improved new-vehicle delivery times, and a strong used-vehicle market.
- Thanks to the positive results from both subsidiaries, MHCUK (trading as Novuna) posted pre-tax profits of £126 (€150) million for the past UK financial year (which ran from 6 April 2023 to 5 April 2024).
Novuna Vehicle Solutions has continued to invest in decarbonization solutions for corporate fleets, claiming it is “the only vehicle solutions provider able to deliver total end-to-end solutions for businesses.”
The company is also expanding investment into alt-fuel solutions for heavy transport: as the leasing partner for the Tees Valley Hydrogen Vehicle Ecosystem Consortium, it is supporting the first large-scale deployment of fuel-cell electric trucks in the UK.
Says Jon Lawes, Managing Director for Novuna Vehicle Solutions and MHC Mobility: “We continue to secure contracts with some of the largest fleet operators as the business continues to lead the transition to net zero. Following the integration of MHC Mobility, we are focused on continuing to build on our reputation as a trusted partner for every vehicle and every business in the UK and across Europe.”
Image: Mapchart