Novuna Vehicles Solutions said its commitment to driving the UK’s electric vehicle transition resulted in record pre-tax profits of £54.2m.

The company, part of Mitsubishi HC Capital UK, also saw revenues increase by 18.7% to £883.9m in the year ending 31 March 2022.

It said new customer acquisitions helped the business defy industry trends, which included a decline in vehicle production due to the semiconductor shortage.

During the period, Novuna experienced an 8% expansion in its contract hire fleet, with the addition of 6,000 vehicles to its operating fleet of over 98,000 assets.

Gains were also made from lower bad debt charges, an area it said was severely hit in the prior year by the pandemic.

Novuna has pursued a decarbonisation strategy, which it said aims to manage the entire end-to-end decarbonisation transition for fleets and consumers.

It has committed to electrifying 100% of its car and small van fleet and 50% of vans over 3.5 tonnes by 2030.

Jon Lawes, Novuna MD, said: “Despite a year of significant market headwinds, we have expanded our operating fleet, defying industry trends.

“Our growth trajectory correlates with the progression of our key strategic objectives as a business, namely the rollout of our market-leading decarbonisation proposition across all vehicle types, our strategic investment in IT, and our decision to rebrand a longstanding UK business to become a future facing one.”

In February, the business rebranded from Hitachi Capital Vehicle Solution following the merger of its parent company last year.