Fleet management and leasing firm Zenith delivered a record turnover of £589m in the year ending 31 March 2022, up 20% on the £491m in 2021.

It said it had also achieved its best ever adjusted EBITDA of £78.2m, which was a 27% increase on the previous year.

Zenith said its results reflected growth across all its business areas, as well as delivery against its strategy to drive the widespread adoption of EVs.

Tim Buchan, chief executive at Zenith, said: “While the UK is in challenging economic times, I am encouraged by the strength and resilience of Zenith’s business model and strategy.

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“Despite headwinds such as the continued shortage in new car production and macroeconomic uncertainty, we are well placed to make progress and develop our business, driven by our three key enablers – powered by people, reinforced with technology and supported by scalable, sustainable funding.”

Buchan added: “Against this economic backdrop we are facing the longer-term challenges of the climate crisis and the imperative to decarbonise.

“Zenith’s vision is to end tailpipe emissions and I am encouraged to see that demand for electric vehicles is stronger than ever and that, across our divisions, we have the scale, expertise, delivery platform and great people, to help our customers make the transition to zero carbon transport.”