Leasing company Novuna Vehicle Solutions said it helped group business Mitsubishi HC Capital UK deliver a pre-tax profit of £126m after heavy investment in its end-to-end decarbonisation solutions.

It said the strategy had helped secure new contracts with some of the country’s largest corporate fleets and that penetration of the specialist assets sector enabled the business to grow its fleet by 5.7% to over 109,000 vehicles.

Last year it opened an electric vehicle charging forecourt in Trowbridge and had also expanded investment into alternative fuel solutions for the heavy transport sector.

And as the selected leasing partner within the Tees Valley Hydrogen Vehicle Ecosystem Consortium, Novuna said it was supporting the first large scale deployment of fuel cell electric HGVs in the UK.

It added that although the used market weakened, resulting in lower disposal profits per unit in 2023/24, the market remained strong compared to pre-Covid 19 levels.

Novuna's electric vehicle charging forecourt in Trowbridge.

Novuna’s electric vehicle charging forecourt in Trowbridge.

Source: Novuna

Jon Lawes, MD for Novuna Vehicle Solutions and European operation MHC Mobility (pictured above), said: “Our unique capability to build, fund and manage the in-life maintenance across all vehicle types, fuelled our performance this year.

“Driven by our customer centric approach and end-to end decarbonisation expertise, 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.”