REG - ZIGUP PLC - Preliminary Results
09/07/2025 07:00
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RNS Number : 2605Q ZIGUP PLC 09 July 2025
9 July 2025
ZIGUP PLC
("ZIGUP" or the "Group" or the "Company")
Results ahead of expectations with strong operational performance,
positive outlook for current year
ZIGUP plc (LSE:ZIG), the leading integrated mobility solutions platform
providing services across the vehicle lifecycle, is pleased to announce its
results for the full year ended 30 April 2025.
Full Year results Reported Underlying(1)
12 months ended 30 April 2025 2024 Change 2025 2024 Change
£m £m £m £m
Revenue 1,812.6 1,833.1 (1.1%) 1,555.0 1,520.6 2.3%
EBIT 136.5 195.1 (30.0%) 202.0 213.7 (5.5%)
Profit before tax 101.5 162.1 (37.4%) 166.9 180.7 (7.6%)
Earnings per share 35.6p 55.2p (35.5%) 58.4p 61.4p (4.9%)
(1) excludes vehicle sales revenue, exceptional items, amortisation of
acquired intangible assets and adjustments to underlying depreciation. See
GAAP reconciliation on page 4.
Other measures 2025 2024 Change
£m £m
Net debt 836.7 742.2 12.7%
Fleet assets(2) £1.51bn £1.30bn 16.2%
Leverage 1.8x 1.5x 0.3x
Underlying EBITDA 464.5 446.3 4.1%
ROCE 12.6% 14.5% (1.9ppt)
Dividend per Share 26.4p 25.8p 2.3%
(2) referring to the net book value of vehicles for hire.
Martin Ward, CEO of ZIGUP, commented:
The Group has delivered a strong operational performance, reflecting a year of
significant progress across the business, growing market share and benefitting
from material improvements in customer service scores. We have an excellent
market position as at least a top three player in each of our markets which
are highly receptive environments for our differentiated mobility solutions.
We are continually improving these with a technology-enabled and value-added
offering which is attractive to a growing and increasingly diverse customer
base. I am delighted with the progress made across the business and it sets us
up very well for the coming year.
Spain has grown VOH well in excess of its market, and UK&I is positioning
itself well for growth with a simpler customer journey and a healthy new
business pipeline. With six new partners joining the mobility platform and
many of our major insurance partner contracts having successfully renewed in
the year, Claims & Services has good visibility after what has been a
challenging industry dynamic this year.
Vehicle supply has normalised and the market headwinds of vehicle residual
values and replacement hire lengths have been stable since the autumn. The
refinancing undertaken in the year further enhances our financial capacity and
allows us to be responsive to opportunities to generate attractive and
sustainable shareholder value; we start the new financial year with confidence
for underlying growth opportunities.
Key financial highlights
· Total revenue down 1.1%; underlying revenue up 2.3% supported by
strong rental business performances
· Vehicle hire revenue rose 5.2%; Spain up 9.5% underpinned by strong
VOH growth, UK&I up 2.0% with pricing actions offsetting a reduction in
VOH in the final quarter
· Disposal profits down 15.2% to £52.5m (2024: £61.9m); total sales
volumes of 34,500 (2024: 36,800): LCV residual values stable since October
2024, having moderated over H1, as previously guided
· Rental margin: Spain up 1.1ppts to 19.3%, UK&I up 0.2ppts to
15.7%; Claims & Services EBIT margin of 4.3% (2024: 6.0%) reflecting
normalising hire durations early in year and H1 cyber incident
· Underlying PBT down 7.6% to £166.9m as disposal profits 15.2% lower
and reduced Claims & Services profits only partially offset by rental
profit growth of 9.1%
· Reported PBT of £101.5m (2024: £162.1m) includes £26.5m unwind of
2022 depreciation adjustment (2024: £nil); exceptional items of £20.6m
includes £12.8m expected full costs of NewLaw withdrawing from personal
injury market and £2.8m for H1 cyber incident
· Underlying EBITDA grew 4.1% to £464.5m (2024: £446.3m) due to
strong operational performance; net capex outflow of £453.4m, principally
replacement capex (£388.3m) with UK&I and Spain fleet ages reduced by 5.5
months and 2.7 months respectively as vehicle supply improving
· Strong balance sheet with prudent 1.8x leverage (2024: 1.5x),
supported by fleet assets of £1.51bn
(2024: £1.30bn) and £412m of facility headroom after refinancing actions
· Shareholder returns: 2.3% increase in full year dividend to 26.4p
Business highlights
· Fleet growth: Group fleet 131,600 vehicles (2024:128,600); improved
supply has enabled Spanish fleet growth, plus significant reduction in
UK&I fleet age to 28.5 mths as older vehicles defleeted
· New wins & strong demand: continued healthy Spanish environment,
UK new business wins, insurance contract extensions & six new wins; new
partner channels added for ChargedEV and fleet management
· Simplified customer engagement: Account management and sales channel
simplification fully embedded in UK plus new Spanish CRM; reducing vehicle
churn with existing customers and supporting over 250 new rentals from
cross-sell referrals; ancillary income up 9% including fleet management
· Talent development: King's Award for Enterprise 2025 recognising our
work in social mobility; growth in apprenticeships and early careers; average
age of technicians reduced from 54 years to 41 years since FY2023
· Customer service & digitalisation: 'Customer First' programme
delivering record Trustpilot and NPS scores; scaling up of customer
self-service capability across UK rental and claims processing productivity;
upgraded Spanish e-auction platform; RTA vehicle recovery product growth
· Investment in facilities and new products: Six new facilities
operational in the year (three in Spain) with more scheduled for H1 FY2026;
workshop investment including ADAS and plastic welding; enhanced product
offerings including corporate car rental, micro-mobility, upgraded telematics
and asset tracking
*All figures are underlying unless identified as reported. See GAAP
reconciliation on page 4
Outlook
We see good opportunities in FY2026, with robust demand for our mobility
solutions across our markets. Our differentiated position and clear strategic
framework will enable the business to drive sustainable growth in underlying
revenues, profitability and cashflow and deliver attractive shareholder
returns. We would expect this to include achieving mid/upper single digit
underlying EBIT growth for our operating divisions, before taking into account
disposal profits.
Analyst Briefing and Investor Meet presentation
A hybrid presentation for sell-side analysts and institutional investors will
be held at 9.30am today, 9 July 2025. If you are interested in attending,
please email Burson Buchanan on zigup@buchanancomms.co.uk
(mailto:zigup@buchanancomms.co.uk) to request the joining details. This
presentation will also be made available via a link on the Company's website
www.zigup.com.
The Company will also provide a roadshow presentation via the Investor Meet
Company platform on Monday 14 July 2025 at 3.00pm for institutional and retail
investors. Questions can be submitted pre-event up to 9.00am on 13 July 2025.
Investors can sign up to Investor Meet Company for free and add to meet ZIGUP
plc via the following link:
https://www.investormeetcompany.com/zigup-plc/register-investor
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Investors who already follow ZIGUP plc on the Investor Meet Company platform
will automatically be invited.
This announcement is made on behalf of ZIGUP plc by Matt Barton.
For further information contact:
Ross Hawley, Head of Investor
Relations
+44 (0) 1325 528769
Burson
Buchanan
Chris Lane/Jamie Hooper/Verity
Parker
+44 (0) 207 466 5000
Notes to Editors:
About ZIGUP
ZIGUP is the leading integrated mobility solutions provider, with a platform
providing services across the vehicle lifecycle to help people keep on the
move, smarter. The Group offers mobility solutions to businesses, fleet
operators, insurers, OEMs and other customers across a broad range of areas
from vehicle rental and fleet management to accident management, vehicle
repairs, service and maintenance.
The mobility landscape is changing, becoming ever more connected and ZIGUP
uses its knowledge and expertise to guide customers through the
transformation, whether that is more digitally connected solutions or
supporting the transition to lower carbon mobility through providing EVs,
charging solutions and consultancy. We are proud to be a King's Award for
Enterprise 2025 holder, recognised for our commitment to Promoting Opportunity
and supporting social mobility. Awarded for our efforts to draw fresh young
talent into our industry, we are dedicated to attracting and retaining the
next generation of automotive technicians by offering accessible pathways for
individuals from all backgrounds to succeed and thrive.
The Group's core purpose is to keep its customers mobile, smarter - through
meeting their regular mobility needs or by servicing and supporting them when
unforeseen events occur. With our considerable scale and reach, ZIGUP's
mission is to offer an imaginative, market-leading customer proposition and
drive enhanced returns for shareholders by creating value through sustainable
compounding growth. The Group seeks to achieve this through the delivery of
its new strategic framework of Enable, Deliver and Grow.
ZIGUP supports its customers through a network and diversified fleet of over
130,000 owned and leased vehicles, supporting over 1 million managed vehicles,
with over 180 branches across the UK, Ireland and Spain and a specialist team
of over 7,500 employees. We are a trusted partner to many of the leading
insurance and leasing companies, blue chip corporates and a broad range of
businesses across a diverse range of sectors. Our strength comes not only from
our breadth of our award-winning solutions, but from our extensive network
reach, our wealth of experience and continual focus on delivering an
exceptional customer experience. Further information regarding ZIGUP plc can
be found on the Company's website: www.zigup.com
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Appendix: GAAP reconciliation tables
Consolidated income statement reconciliation
Year ended 30 April Footnote Statutory Adjustments Underlying Statutory Adjustments Underlying
(below) 2025 2025 2025 2024 2024 2024
£m £m £m £m £m £m
Revenue (a) 1,812.6 (257.6) 1,555.0 1,833.1 (312.5) 1,520.6
Cost of sales (b) (1,414.7) 284.1 (1,130.6) (1,400.2) 312.5 (1,087.7)
Gross profit 397.9 26.5 424.4 432.9 - 432.9
Administrative expenses (c) (261.5) 38.9 (222.6) (239.1) 18.6 (220.5)
Operating profit 136.4 65.4 201.8 193.8 18.6 212.4
Income from associates 0.2 - 0.2 1.3 - 1.3
EBIT 136.5 65.4 202.0 195.1 18.6 213.7
Finance income 1.5 - 1.5 0.6 - 0.6
Finance costs (36.6) - (36.6) (33.6) - (33.6)
Profit before taxation 101.5 65.4 166.9 162.1 18.6 180.7
Taxation (d) (21.6) (14.2) (35.8) (37.1) (4.5) (41.6)
Profit for the year 79.8 51.2 131.1 125.0 14.1 139.1
Shares for EPS calculation 224.3m 224.3m 226.3m 226.3m
Basic EPS 35.6p 58.4p 55.2p 61.4p
Adjustments comprise: Footnotes
Revenue: sale of vehicles (a) (257.6) (312.5)
Cost of sales: revenue sale of vehicles net down (a) 257.6 312.5
Depreciation adjustment (Note 6) 26.5 -
Cost of sales (b) 284.1 312.5
Gross profit (a)+(b) 26.5 -
Exceptional items (Note 6) 20.6 -
Amortisation of acquired intangible assets (Note 6) 18.3 18.6
Administrative expenses (c) 38.9 18.6
Adjustments to EBIT 65.4 18.6
Adjustments to profit before taxation 65.4 18.6
Tax on exceptional items (Note 6) (3.1) -
Tax on depreciation rate adjustments and amortisation of acquired intangibles (11.1) (4.5)
Tax adjustments (d) (14.2) (4.5)
Adjustments to profit for the year 51.2 14.1
OPERATING REVIEW
A clear focus in FY2025
The Group has delivered a strong operational performance, reflecting a year of
significant effort across the businesses, growing market share and material
improvements in customer service. The financial performance reflects the
benefits of our differentiated business model, delivering group underlying
performance ahead of market expectations.
The structural growth drivers we identified at the time of the merger as long
lasting, of the growth of outsourcing and preference for usership over
ownership, remain robust. They are increasingly allied to a greater
appreciation of the benefits of an experienced partner offering significant
technology-enabled value-added services.
At the same time, we believe the headwinds which have impacted the Group's
performance over the past couple of years are receding, with vehicle residual
values and replacement hire lengths having substantially normalised and have
been stable since the first half.
We have made good strategic progress within the business, initiated at the
start of the year with our UK and Ireland organisational changes, the
introduction of an Executive Committee focused on group strategy, and the new
ZIGUP brand successfully launched. These have supported tangible outcomes and
operational progress including a simplified customer journey supporting
greater cross-selling. Our successful refinancing efforts through the year
have extended our average maturity out into the 2030s and gives increased
headroom and flexibility for future growth.
Strong market positioning in a highly receptive environment for our
differentiated solutions
The markets in which we operate are resilient and we are very well positioned
as a top-three participant in each with market shares of c.20%. This enables
us to leverage the scale and strengths of our business model and nationwide
presence in each of Spain, UK and Ireland.
In Spain, the market grew at 5% reflecting a combination of strong
macro-economic conditions and the historically lower rental penetration than
other European markets. Our positioning as the leading national provider of
LCV rentals enabled us to grow significantly ahead of the rental market with a
differentiated product offering and growing branch network addressing both
large corporate fleets and smaller high-growth businesses.
In the UK, our business is supported by structural growth. LCV miles travelled
have risen 10% over the past five years and now account for around 20% of
total road miles travelled. This year we have seen the strongest new
business pipeline for five years alongside robust demand from existing
customers, over half of which we have supported for over a decade. Our
specialist vehicle businesses again achieved very strong growth, with VOH up
19%.
The Claims & Services business operates across a number of verticals
supporting the UK insurance market, which this year entered a softer cycle
alongside consolidation activity amongst some of the larger players. Insurance
partners are increasingly looking for technology-led solutions, including
self-service portals and streamlined customer journeys reducing claims
handling time. Our differentiated offering and industry leading customer
feedback scores helped ensure we successfully confirmed contracts for all of
the insurance partners who were going through a renewal cycle, including DLG,
QBE and Tesco Insurance, and we added six more partners to the platform.
Vehicle supply has normalised with headwinds receding
Vehicle supply has essentially normalised in both our core markets, allowing
for greater visibility and certainty of supply. We have the expertise to
successfully manage what is a significant fleet recycling programme, where we
have a growth capex focus in Spain and we are progressing well through the
replacement programme in the UK.
In the UK, LCV residual values reduced over summer 2024, down from their
historic highs in 2022, and have been stable since October 2024. This is a
trend we have successfully forecast and highlighted a number of times,
together with its impact on disposal profits.
Replacement hire durations across the claims industry also reduced early in
the first half of the financial year, stabilising in the Autumn. This
reflected lower volumes and improving capacity within repair networks and
improving parts supply chains, but impacted our hire margin. We believe both
of these headwinds have now largely passed, while the structural growth
drivers remain constant and attractive.
Clear operational progress within the year enhancing the customer experience
Our business model is centred on delivering a customer experience which
differentiates us from our peers and through this we develop long term trusted
relationships with our partners and customers. Over the past year we have
placed great emphasis internally on simplifying the customer journey,
resulting in improved engagement scores and customer retention.
Our focus on customer service is reflected in the strength of our NPS scores
across the business, with a consolidated score of 64 and Trustpilot scores
close to double those of some industry peers. Excellence in customer service
is central to our proposition and a key differentiator. We utilise feedback
to improve our performance at the branch level, and report monthly KPIs to our
partners.
We have continued to enhance the product offering such as specialised
solutions ranging from a new refrigerated vehicle and a workforce protection
solution for road tunnel use, where we were the only UK provider able to
deliver such bespoke solutions. We have launched an asset-tracking product
for customer equipment which integrates into our telematics and fleet
management solutions, and enhanced the functionality and insights available on
our customer portals.
We opened a further six branches and depots across our geographies in the
year, responding to high levels of demand and growing fleet sizes. We see
further opportunities across the Group to increase capacity and productivity,
by getting closer to our customers and increase our responsiveness. Spain
added a vehicle delivery centre and a further service centre to better manage
branch capacity in both Madrid and Barcelona.
Our technology programmes seek to enhance the customer experience and to
deliver efficiencies and the ability to scale further. In Spain, the
combination of a new CRM system and the launch of the enhanced e-auction
disposal site bring much greater functionality and insight to support customer
engagement as the business expands its customer base. In the UK and
Ireland, there has been significant adoption by policyholders of our new
self-service portals for direct hire and repair solutions, which is being
rolled out to more partners. Further RPA processes have targeted high-volume
manual activities, allowing colleagues to focus on greater responsiveness to
those cases needing intervention. Four more insurance partners joined our
claims protocol in order to benefit from the operational efficiency of our
dedicated portal and automated processing.
A number of larger scale programmes are also well underway, including a new
rental platform in the UK&I which is moving into trial phase and a unified
communications project which will deliver significant new functionality to our
call centres. The rollout of ADAS testing in the workshops brings repair
time efficiencies while new plastic welding solutions maximises reuse and
lowers repair costs. A new secure control centre for our National Highways
support team was recently launched, enhancing our capabilities and capacity to
support agencies in their management of the UK road network.
Disciplined approach to investment opportunities across the Group
Strong market conditions and the range of opportunities open to the business
require us to be highly disciplined in our investment decisions. Our
strategic pillars of Enable, Deliver and Grow were introduced at the start of
the year and have helped the businesses frame their priorities and align
across the Group. We see scope for attractive returns from investments in
our fleet; and when investing in our facilities. These deliver greater scale
and efficiencies, such as the payback for plastic welding being under 12
months in a number of branches
Our disciplined investment approach also applies to our approach to specialist
markets. We believe that the EV charging installation market is going
through a period of consolidation, with the likely outcome being a handful of
successful providers able to operate nationally. Our recent partnerships
with Hive, Scottish Power and British Gas have given us the confidence to
invest in our service offering, including our nationwide installer network.
At the same time, the personal injury market appears increasingly less
attractive and as a result we have made the decision to reduce our operational
exposure and activities.
Supporting sustainability
Within our operations we have made meaningful progress on our internal targets
to reduce emissions that we can control, to date principally through company
car fleet migration and renewable electricity contracts. Our current focus
is on minimising additional delivery journeys and introducing more EVs into
our branch support fleet. We will look to refresh our near term emissions
targets within FY2026, together with completing our double materiality
assessment.
Programmes within the operations for repair and reuse have been supported by
investments in plastic welding in the UK and in expanding the green parts
usage in Spain, reducing the overall cost of repair.
For customers, our award-winning Drive to Zero programme has continued to gain
traction with customers looking to integrate EVs within their commercial
fleets, with e-LCVs on hire up over 80%. Actions in the year included
preparing for the launch of an EV consultancy service, supporting fleet
managers with data-driven analytics and targeted driver surveys to support
migration plans. This runs alongside our online portal offering suitability
analysis, EV open days and a broad range of EV charging solutions. We were
recognised in the year for our EV leadership with awards including
'Sustainability Mobility Solution' (Spain) and 'Best Eco Initiative' (UK).
Our People
This year we embarked on a three-year people strategy, seeking to reinforce
our group culture and build the framework to develop the talent pool required
for long term sustainable growth, including a deeper and more diverse
leadership pipeline. Our goal is to ensure an attractive workplace where
colleagues feel engaged and valued. Key elements include enhancing our
technical skills capability, succession planning and offering progression and
support to deliver a high-performance culture. Once again, one third of
roles filled in the year were filled internally, with the majority achieved
through promotion.
We have energised our DE&I activity, including targeted recruitment
strategies to reach more diverse talent pools and defined development
pathways. We have also developed greater support for mental health within the
workplace, in addition to an expanded wellbeing provision. Outcomes from these
efforts include a strong response to the engagement survey, with
participation over 80% in each region and overall satisfaction in line with
the prior year at 75%.
The recognition through the King's Award for Enterprise for 2025 as one of
only 10 awarded in the category for Excellence in Promoting Opportunity is a
source of immense group-wide and personal pride. It reinforces the value of
the investments we have made in building the skills for the future and the
impact this is having on early careers for individuals from diverse
backgrounds. We have over 400 early careers apprentices enrolled across the
Group, supported by experienced mentors, contributing to a 13-year reduction
in our average bodyshop technician age over the past three years.
Strong financial capacity and sustainable shareholder returns
Our refinancing actions this year have brought further capacity to the Group
and were undertaken on an investment grade basis with improved commercial
terms. In three transactions between October 2024 and April 2025 we extended
our debt maturities out to 2034 and increased liquidity by £285m, providing
further flexibility, with total available debt facilities at year end of
£1.1bn.
Our balance sheet and business model is attractive to a broad range of
lenders, offering exposure to a diverse customer base and an asset-backed
profile supported by £1.5bn of vehicle fleet compared to net debt of
£837m. This is combined with a conservative and long term value-oriented
approach to capital allocation, appropriate for the industry in which we
operate and where leverage is a natural part of the business model.
Leverage remained comfortably within our 1-2x target range, finishing the year
at 1.8x, reflecting substantial investment in the fleet, in our branch network
and supporting returns to shareholders. Our strong balance sheet provides
the business with the ability to be both long term in our organic investment
and agile in our approach to M&A and other investment opportunities.
The Board also views share buybacks as a useful element within our capital
allocation framework alongside a progressive dividend and regularly reviews
the relative merits of share repurchases against our other investment
priorities throughout the year.
Given our continued confidence in the prospects for the business and the
opportunities open to us in attractive market conditions, subject to
shareholder approval, the Board has proposed a final dividend of 17.6p per
share (2024: 17.5p) to be paid on 30 September 2025 to shareholders on the
register as at close of business on 29 August 2025, bringing the total
dividend to 26.4p (2024: 25.8p), a 2.3% increase on the prior year.
Financial review
Group revenue and EBIT
Year ended 30 April 2025 2024 Change Change
£m £m £m %
Revenue - vehicle hire 682.9 649.3 33.6 5.2%
Revenue - vehicle sales 257.6 312.5 (54.9) (17.6%)
Revenue - claims and services 872.2 871.4 0.8 0.1%
Total revenue 1,812.6 1,833.1 (20.5) (1.1%)
Rental profit 119.7 109.7 10.0 9.1%
Disposal profit 52.5 61.9 (9.4) (15.2%)
Claims and services profit 38.1 51.4 (13.3) (25.8%)
Corporate costs (8.5) (10.6) 2.1 (19.5%)
Underlying operating profit 201.8 212.4 (10.6) (5.0%)
Income from associates 0.2 1.3 (1.1) (86.9%)
Underlying EBIT 202.0 213.7 (11.7) (5.5%)
Underlying EBIT margin 1 13.0% 14.1% (1.1ppt)
Statutory EBIT 136.5 195.1 (58.6) (30.0%)
Revenue
Total revenue of £1,812.6m was 1.1% lower than prior year while revenue
excluding vehicle sales of £1,555.0m (2024: £1,520.6m), was 2.3% higher than
the prior year.
Hire revenues increased 5.2% due to VOH growth in Spain coupled with careful
pricing actions in the UK&I. Claims and services revenue growth of 0.1%,
reflecting growth in fleet management services and repair services, partially
offset by a reduction in credit hire volumes and credit hire duration.
Vehicle sales revenue decreased by 17.6% with 2,300 fewer vehicles sold in the
year coupled with an expected reduction in residual values.
EBIT
Statutory EBIT decreased by 30.0%, while underlying EBIT of £202.0m reduced
by 5.5% compared to the prior year; reflecting a decrease in disposal profits
and lower claims and services profits. Statutory EBIT included a £26.5m
charge for adjustments to depreciation rates (2024: £nil), amortisation of
acquired intangible assets of £18.3m (2024: £18.6m) and other exceptional
items of £20.6m (2024: £nil).
Rental profit increased £10.0m to £119.7m (2024: £109.7m) with a £1.9m
increase in UK&I and a £8.0m increase in Spain.
Disposal profits for the year of £52.5m were 15.2% lower than the prior year
due to reduction in sales volume with 34,500 vehicles sold (2024: 36,800)
coupled with residual values starting to normalise in the UK and Spain
following a period of values being higher than normal with market disruption
to vehicle supply.
Claims and services profit decreased £13.3m to £38.1m (2024: £51.4m)
reflecting decreases in credit hire volumes and hire duration as well as a
£4.2m impact of the previously announced cyber incident during the first
quarter of the year.
UK&I Rental
Year ended 30 April 2025 2024 Change
Underlying financial results £m £m %
Revenue - vehicle hire 2 392.1 384.4 2.0%
Revenue - vehicle sales 180.5 226.9 (20.5%)
Total revenue 572.6 611.4 (6.4%)
Rental profit 61.7 59.8 3.2%
Rental margin % 15.7% 15.5% 0.2ppt
Disposal profit 28.7 34.0 (15.6%)
Underlying EBIT 90.4 93.8 (3.6%)
EBIT margin % 3 23.1% 24.4% (1.3ppt)
ROCE % 12.5% 15.1% (2.6ppt)
KPIs ('000) ('000) %
Average VOH 43.9 45.1 (2.6%)
Closing VOH 43.1 43.8 (1.6%)
Average utilisation % 91% 91% -
Highlights
Rental revenue rose 2.0% compared to the prior year, with underlying demand
strong across all key rental product areas. Revenue growth was achieved
through carefully managed pricing actions, together with a focus on maximising
availability, with fleet utilisation consistent at 91%. Rental profits
increased 3.2% to £61.7m (2024: £59.8m) demonstrating strength in the
underlying business. Disposal profits of £28.7m were 15.6% lower, reflecting
both lower PPUs and reduced volumes, after the higher defleets of the prior
year.
Average VOH increased throughout H1 with a reduction in H2 reflecting seasonal
off hires and a reprofiling of the fleet away from lower margin business. A
receptive used vehicle market enabled the defleeting of certain older vehicle
cohorts, helping reduce fleet age by 5.5 months over the year to 28.5
months. LCV residual values remained stable throughout the second half
having normalised through the summer of 2024.
The One Road strategic programme simplifying sales and account management has
been embedded across the UK&I operations, supporting better account
engagement and maximising cross-hire opportunities. Over 250 new vehicle
rentals came from cross-referrals between the specialist and core product
teams. With new business enquiries at five-year highs as rental penetration in
our markets continues to accelerate, growth has come through a combination of
market share gains and greater outsourcing by large fleets. New business VOH
grew 44% while existing customer VOH churn fell to a three-year low.
Blakedale's and FridgeXpress' fleets grew by over 20% and the Northgate car
proposition expanded its fleet over three times. An increasing number have
seen additional services ranging from vehicle fit-outs and telematics to fleet
management (11% of vehicles) requested as part of the rental order. Overall,
ancillary revenues grew 8.6% as customers recognised the benefit of our range
of value-added services, both differentiating our offering and delivering
profitable growth.
An asset-tracking product was launched and the first micro-mobility vehicle
delivered to a longstanding public sector client. EVs on hire grew over 80% to
nearly 1,800 while our ChargedEV business added Hive, Ayvens and Holmans to
its partnerships, each focused on retail installations which grew 8%,
alongside signing British Gas and Scottish Power in H1. Initiatives within the
service workshops saw a significant reduction in technician attrition, with a
resulting improvement in workshop capacity and turnaround times.
Rental margin at 15.7% remains in line with our long term target and reflects
the focus on efficiency both within the branches and between the UK and
Ireland teams. The Customer First programme and increasing digitalisation has
also allowed for greater customer self-service and analysis, including
real-time and branch-level feedback, helping to deliver improving Trustpilot
scores.
Rental business
Vehicle hire revenue was £392.1m (2024: £384.4m), an increase of 2.0%. A
4.7% increase in average revenue per vehicle reflected fleet mix and rate
increases, partially offset by a 2.6% reduction in average VOH. Rental profits
were £61.7m compared to £59.8m in the prior year.
Average VOH of 43,900 was 1,200 lower than the prior year, with average
utilisation at 91% in line with prior year.
Our minimum term proposition accounted for 44% of average VOH (2024: 42%). The
average term of these contracts is approximately three years, providing both
improved visibility of future rental revenue and earnings, as well as lower
transactional costs.
Rental margin has increased to 15.7% compared to 15.5% in the prior year.
Margin was maintained through operating and cost efficiencies and increasing
hire rates to offset cost inflation.
Management of fleet and vehicle sales
The closing rental fleet was 45,400 compared to 46,600 at 30 April 2024.
During the year, 13,800 vehicles were purchased (2024: 10,900) and 15,300
vehicles were defleeted (2024: 15,900). The leased fleet increased by 200
vehicles (2024: 500 increase).
The average age of the fleet (excluding leased vehicles) was 28.5 months at
the end of the year, a 5.5 month decrease from 30 April 2024 as we recycle the
older cohorts of the fleet upon supply availability improving, to support the
customer experience and reduce time in the workshop.
A total of 20,600 vehicles were sold during the year which was 7% lower than
the prior year (2024: 22,200) taking account of 4,600 cars and other non-fleet
vehicles (2024: 7,100) including those which had been defleeted from the
Claims & Services fleet and sold via Van Monster.
Disposal profits of £28.7m (2024: £34.0m) decreased 15.6% compared to prior
year due to a decrease in volumes, combined with a reduction in the PPU
(£1,400 compared to £1,500 in the prior year). This reflected a reduction in
residual values, which had been temporarily higher due to market supply
restrictions which started to ease in FY2024.
Spain Rental
Year ended 30 April 2025 2024 Change
Underlying financial results £m £m %
Revenue - vehicle hire 300.1 274.0 9.5%
Revenue - vehicle sales 75.6 84.5 (10.5%)
Total revenue 375.7 358.5 4.8%
Rental profit 58.0 50.0 16.2%
Rental margin % 19.3% 18.2% 1.1ppt
Disposal profit 23.7 27.8 (14.7%)
Underlying EBIT 81.8 77.8 5.1%
EBIT margin % 4 (#_ftn4) 27.3% 28.4% (1.1ppt)
ROCE % 12.3% 14.2% (1.9ppt)
KPIs ('000) ('000) %
Average VOH 61.0 55.7 9.4%
Closing VOH 63.9 57.6 11.0%
Average utilisation % 91% 91% -
Highlights
Rental revenue growth of 9.5% (up 12.3% in constant currency) reflected
average VOH up 9.4%, together with pricing increases which helped to mitigate
cost inflation, delivering rental profit growth of 16.2% to £58.0m (2024:
£50.0m). Disposal profits were lower at £23.7m (2024: £27.8m) reflecting
a 4.6% reduction in volume sold; residual values continue to normalise with
PPUs still ahead of the long term historical average. Vehicle disposals are
now managed through an upgraded e-auction IT platform which went live in H2,
providing greater functionality and ability to manage disposals at scale.
The market environment was very positive throughout the year, supported by the
resilient Spanish economy with strong interest in both flexible and minimum
term rental solutions. Growth was achieved across a broad range of end-market
sectors and customer profiles; strength in minimum term hire reflected greater
longer term confidence and forward planning by customers, looking to secure
vehicles supported by the significant service solution that Northgate
offers. This service infrastructure is a key differentiation for the
business, with a market leading branch network and value-added services
offering hard to replicate at scale.
New vehicle supply was robust and allowed for growth capex from early in the
year, enabling VOH growth in both our core rental offerings, and also a 50%
increase in the online-only B2C business line, offering cars on extended hire
duration. Average age of our fleet at the end of the year was 27.4 months, 2.7
lower than previous year. Ancillary services such as the enhanced telematics
offering continued to grow strongly, up 23% on the prior year.
Rental margin at 19.3% was 1.1ppt higher than the prior year, reflecting both
operational leverage, careful pricing actions and a number of cost improvement
and efficiency programmes, offsetting increasing depreciation through fleet
growth. These programmes included further work on the digitalisation of
administration processes and enhancing green parts reuse to maximise the
benefits of internally salvaging high-value parts.
There was high utilisation of the repair workshops throughout the year for
both internal and corporate customers which benefitted from additional
capacity from recent branch and depot openings. New Barcelona and Cadiz
branches were opened at the start of the year, together with the Algeciras
branch launched later in the year. In April we also launched a delivery hub
in Madrid, to speed up the handover of new vehicles across our four branches
in the area. This model will be replicated in other cities as part of a
programme of optimising capacity and branch efficiencies.
Rental business
Hire revenue increased 9.5% to £300.1m (2024: £274.0m), driven by the
increase in average VOH and managed increases in pricing. Average VOH
increased 9.4% and closing VOH increased 11.0% to 63,900.
Our minimum term proposition accounted for 38% (2024: 37%) of average VOH. The
average term of these contracts is approximately three years, providing
visibility of future rental revenue and earnings.
Rental profit increased by 16.2% in the year to £58.0m (2024: £50.0m) due to
careful cost control offsetting higher depreciation charges and workshop costs
due to higher available fleet. This resulted in a rental margin of 19.3%,
1.1ppt higher than the prior year.
Management of fleet and vehicle sales
The closing rental fleet was 71,900 compared to 65,100 vehicles at 30 April
2024. During the year 20,500 vehicles were purchased (2024: 17,600) and 13,700
vehicles were defleeted (2024:13,900).
The average age of the fleet at the end of the year was 27.4 months, 2.7
months lower than at the same time last year, due to replacement of older
vehicles with improved market supply.
A total of 13,800 (2024: 14,500) vehicles were sold during the year, 4.6%
lower than the prior year due to lower defleeting activity in order to satisfy
VOH growth.
Disposal profits of £23.7m (2024: £27.8m) decreased 14.7% due to the
decrease in number of vehicles sold coupled with a decrease in LCV PPUs to
£1,700 (2024: £1,900).
Claims & Services
Year ended 30 April 2025 2024 Change
Underlying financial results £m £m %
Revenue - claims and services 5 882.4 882.3 -
Revenue - vehicle sales 6 50.6 77.9 (35.0%)
Total revenue 933.0 960.3 (2.8%)
Gross profit 160.2 171.0 (6.3%)
Gross margin %(7) 18.2% 19.4% (1.2ppt)
Operating profit 38.1 51.4 (25.8%)
Income from associates 0.2 1.3 (86.9%)
Underlying EBIT 38.3 52.7 (27.3%)
EBIT margin % 7 4.3% 6.0% (1.7ppt)
ROCE % 17.6% 17.6% -
Highlights
Claims and services revenue was in line with the prior year, while vehicle
sales were 35% lower, reflecting the significant defleeting which had taken
place in the prior year. A number of major customers extended or renewed
contracts within the year as part of their renewal cycles and six new partners
joined the platform or were preparing to go-live in the year.
Reflecting the broader market with drops in claims frequency, Auxillis
experienced a quieter summer up to September. Replacement hire days
normalised in the first half and then remained steady for the remainder of the
year. Repair capacity and parts supply constraints improved as a result,
allowing for shorter overall repair cycle durations. Four additional
counterparties went into protocol, reflecting the confidence in the benefits
this offers.
Across the businesses, investments in technology and processes helped to
deliver operational efficiencies and improving customer experience such as
self-service hire portals, increased use of API technology with insurer
partners and third party handling agents as well as the introduction of 55
additional RPA processes focused on high-volume manual processes. Repair
technologies such as ADAS testing and plastic welding were rolled out to all
bodyshops, reducing both insurer repair costs and waste and emission profiles,
as well as delivering strong returns and efficiencies.
FMG RS opened its 67th facility, in Dundee, filling a geographical gap in
Scotland and has plans for further bodyshop capacity growth in the coming year
as this business delivered strong profitable growth. These efforts resulted
in Trustpilot and NPS scores being amongst the highest in the industry, a key
metric for existing and potential insurer partners.
The result of our apprentice scheme scaling up its vehicle technician cohort
has been a significant reduction in bodyshop vacancies and improved
productivity. The King's Award was a reflection of the quality of our early
careers programmes and its success in addressing industry-wide gaps in the
automotive technical skills talent pool.
The combination of the quieter summer for our higher margin credit hire
operations with hire durations also reducing and impact of the cyber incident
in H1 (discussed below) were the drivers of the reduction in EBIT margin for
the year to 4.3%; we believe the cyber incident is one-off in nature and the
reduction in hire length has now materially normalised.
Revenue and profit
Revenue for the year (excluding vehicle sales) remained in line with prior
year at £882.4m (2024: £882.3m) due to increased volumes in repair services
and fleet management services, offset by a reduction in credit hire volumes
and hire duration in comparison to the prior year.
Gross margin of 18.2% declined 1.2ppt (2024: 19.4%). EBIT decreased 27.3% to
£38.3m reflecting decreases in credit hire volumes and hire duration as well
as an estimated £4.2m trading impact of the cyber incident. This has then
been partially offset by growth in the FMG RS business due to increases in
repair volumes, technician efficiencies and higher paint margins, as well as
increases in external repair volumes and average repair costs.
Management of fleet
The total fleet size was 14,300 vehicles at the end of the year, down from
16,500 in prior year with the lower fleet reflecting reduced credit hire
lengths and volumes.
The average fleet age (including leased vehicles) was 14.7 months (2024: 16.0
months), reflecting the lower fleet holding period than in the rental
businesses due to the different composition of the fleet and usage of those
vehicles.
The core fleet is funded through a combination of fully owned and leased
vehicles, with cross-hires being used for short term needs or during seasonal
peak periods.
Cyber incident and NewLaw strategy
The cyber incident in May 2024 reflected the increasing level of
sophistication and frequency of attempts globally to gain access to corporate
infrastructure. As discussed in our interim report, we responded very
swiftly and our ability to restore the majority of our businesses as fully
operational within a week owes much to the protection and recovery processes
we already had in place and the immense efforts of all of our operational
teams. Other than the implications in respect of data protection, which were
successfully and comprehensively mitigated, there was no breach of relevant
law or regulation.
The impact on trading was estimated to be £4.2m with no ongoing consequences
and the costs associated with managing this incident of £2.8m (2024: £nil)
have been recognised as exceptional items.
We made a decision later in the year to exit the UK personal injury market
accessed through NewLaw which no longer offers attractive returns. Non-cash
costs of £12.8m reflecting a lower recoverability of assets have been
recognised as exceptional items.
Group PBT and EPS
Year ended 30 April 2025 2024 Change Change
£m £m £m %
Underlying EBIT 202.0 213.7 (11.7) (5.5%)
Net finance costs (35.1) (33.0) (2.1) 6.2%
Underlying profit before taxation 166.9 180.7 (13.8) (7.6%)
Statutory profit before taxation 101.5 162.1 (60.6) (37.4%)
Underlying effective tax rate 21.5% 23.0% - (1.5ppt)
Underlying EPS 58.4p 61.4p (3.0p) (4.9%)
Statutory EPS 35.6p 55.2p (19.6p) (35.5%)
Profit before taxation
Underlying PBT was 7.6% lower than prior year, reflecting the lower EBIT in
UK&I Rental and Claims & Services. Statutory PBT was 37.4% lower than
the prior year, including £20.6m (2024: £nil) exceptional administrative
expenses, amortisation of acquired intangibles of £18.3m (2024: £18.6m) and
a £26.5m cost (2024: £nil) relating to adjustments to depreciation rates on
certain fleet.
Exceptional items
Exceptional costs of £20.6m have been recognised in the year comprising of
£12.8m following the decision to exit the personal injury market through
NewLaw, £4.0m impairment to goodwill, £1.0m restructuring costs and £2.8m
relating to the cyber incident in May 2024. Further details of exceptional
items can be found in Note 6 of the financial statements.
Amortisation of acquired intangibles and depreciation rate changes
Amortisation of acquired intangibles and adjustments to underlying
depreciation charges are not exceptional items as they are recurring.
However, these items are excluded from underlying results in order to provide
a better comparison of performance of the Group. The total amortisation of
acquired intangibles in the year was £18.3m (2024: £18.6m).
Depreciation rate adjustments of £26.5m (2024: £nil) on vehicles purchased
before FY2021 have been excluded from underlying results.
When a vehicle is acquired, it is recognised as a fixed asset at its cost net
of any discount or rebate received. The cost is then depreciated evenly over
its rental life, matching its pattern of usage down to the expected future
residual value at the point at which the vehicle is expected to be sold, net
of directly attributable selling costs.
Accounting standards require a review of residual values during a vehicle's
useful economic life at least annually, with changes to depreciation rates
being required if the expectation of future values changes significantly.
Matching of future market values of vehicles to net book value on the
estimated disposal date requires significant judgement for the following
reasons:
• Used vehicle prices are subject to short term volatility
which makes it challenging to estimate future residual values;
• The exact disposal age is not known at the point at which
rates are set and therefore the book value at disposal date is not certain;
and
• Mileage and condition are the key factors in influencing the
market value of a vehicle. These can vary significantly through a vehicle's
life depending upon how the vehicle is used.
Due to the above uncertainties, a difference normally arises between the net
book value of a vehicle and its actual market value at the date of disposal.
Where these differences are within an acceptable range they are adjusted
against the depreciation charge in the income statement. Where these
differences are outside of the acceptable range, changes must be made to
depreciation rate estimates to better reflect market conditions and the usage
of vehicles.
Residual values increased significantly in the period from 2020 to 2023 due to
the disruption of new vehicle supply supporting used vehicle values, and have
started to normalise since then. As a result of the increase in used vehicle
values and vehicles being held on the fleet longer than expected in order to
mitigate shorter supply constraints, there were a number of vehicles on our
fleet where the depreciated book value was below or very close to the expected
residual value at disposal. In line with the requirements of accounting
standards and as previously disclosed, a decision was made to reduce
depreciation rates from 1 May 2022 on certain vehicles remaining on the fleet
which were purchased before FY2021.
The phasing of the adjustment will change if these vehicles are held for a
longer or shorter period than anticipated. The depreciation rate change is
expected to impact the statutory income statement over the remaining holding
period of those vehicles as follows:
£m FY2023 FY2024 FY2025 FY2026 FY2027 Total
Reduced depreciation 55.1 38.3 11.0 5.3 0.2 109.9
Reduced disposal profits (8.5) (38.3) (37.5) (20.6) (5.0) (109.9)
Updated expected impact on statutory EBIT 46.6 - (26.5) (15.3) (4.8) -
Previously expected impact on statutory EBIT 46.6 - (24.8) (18.2) (3.6) -
No further depreciation rate changes have been made on the existing fleet
since. The updated phasing of the adjustment reflects our latest fleet plans
with respect to this older fleet cohort.
The impact of the changing depreciation rates on this component of the fleet
will re-phase statutory EBIT over a five-year period as outlined in the table
above, but will have no impact on underlying results, no overall impact on
statutory profit over the life of the fleet and no impact on cash.
Depreciation rates on vehicles purchased in FY2026 will be set based on
management's best estimates of future residual values when those vehicles are
sold, with holding periods ranging from 12 to 60 months.
Interest
Net underlying finance charges increased to £35.1m (2024: £33.0m) due to
higher average debt compared to the prior year. Interest rates are
significantly sheltered with 69% of borrowings held as fixed rate debt at 30
April 2025.
Taxation
The Group's underlying tax charge was £35.8m (2024: £41.6m) and the
underlying effective tax rate was 21.5% (2024: 23.0%) which included some
one-off adjustments to the tax charge due to the timing and composition of
fleet replacements. The statutory effective tax rate was 21.3% (2024: 22.9%).
Earnings per share
Underlying EPS of 58.4p was 3.0p lower than prior year, reflecting decreased
profits in the year partially offset by a 0.7p impact of the share buyback
programme. Statutory EPS of 35.6p was 19.6p lower, reflecting the movement in
underlying EPS, exceptional items and depreciation rates adjustments which are
not included within the underlying results.
Share buyback programme
During the year the Group completed its previously announced £30m share
buyback programme, purchasing 1,271,112 shares for a total consideration of
£5.3m (2024: 7,104,291 shares were purchased for a total consideration of
£24.9m).
Group balance sheet
Net assets at 30 April 2025 were £1,063.2m (2024: £1,043.4m), equivalent to
net assets per share of 473p (2024: 465p). Net tangible assets at 30 April
2025 were £856.9m (2024: £816.4m), equivalent to a net tangible asset value
of 381p per share (2024: 364p per share).
The calculations above are based on the number of shares in issue at 30 April
2025 of 246,091,423 (2024: 246,091,423) less treasury and own shares of
21,353,976 (2024: 21,748,799).
Gearing at 30 April 2025 was 97.6% (2024: 90.9%) and ROCE was 12.6% (2024:
14.5%).
Group cash generation
Year ended 30 April 2025 2024 Change
£m £m £m
Underlying EBIT 202.0 213.7 (11.7)
Underlying depreciation and amortisation 262.5 232.6 29.9
Underlying EBITDA 464.5 446.3 18.2
Net replacement capex 8 (388.3) (280.2) (108.1)
Lease principal payments 9 (59.5) (65.0) 5.5
Steady state cash generation 16.7 101.1 (84.4)
Working capital and non-cash items 49.0 (5.6) 54.6
Exceptional cash costs (3.8) - (3.8)
Growth capex(8) (65.1) (1.7) (63.4)
Taxation (18.3) (33.4) 15.1
Net operating cash (21.5) 60.4 (81.9)
Distributions from associates 0.5 2.0 (1.5)
Interest and other financing cash flows (37.1) (28.0) (9.1)
Acquisition of business - (4.1) 4.1
Free cash flow (58.1) 30.3 (88.4)
Dividends paid (59.0) (56.2) (2.8)
Payments to acquire treasury shares (5.3) (24.9) 19.6
Add back: Lease principal payments 10 59.5 65.0 (5.5)
Net cash (consumed) generated (62.9) 14.2 (77.1)
Steady state cash generation
Steady state cash generation reduced to £16.7m compared to prior year (2024:
£101.1m), with strong underlying EBITDA offset by an increase in net
replacement capex as improvements in vehicle supply enabled replacement of the
fleet, reducing average fleet age.
Net capital expenditure
Net capital expenditure increased by £171.5m at £453.4m due to a £108.1m
increase in net replacement capex and a £63.4m increase in growth capex.
Net replacement capex was £388.3m, which was £108.1m higher than in the
prior year resulting in a reduction in fleet age. Net replacement capex was
£77.4m higher in UK&I, £40.0m higher in Claims & Services and £9.3m
lower in Spain.
Growth capex of £65.1m (2024: £1.7m) included £101.2m to grow the fleet
size in Spain, partially offset by a £36.1m inflow in UK&I and Claims
& Services where the fleets reduced in size as utilisation was
maintained.
Lease principal payments of £59.5m (2024: £65.0m) decreased by £5.5m as
legacy hire purchase contracts from acquisitions were run off.
Free cash flow
Free cash flow decreased by £88.4m to an outflow of £58.1m (2024: £30.3m
inflow).
Free cash flow is stated after taking account of investments that have been
made in the year which will return future cash flow at a sustainable rate of
return ahead of our cost of capital. This includes investment in net
replacement capex of £388.3m, capex lease payments of £59.5m and growth
capex of £65.1m.
Net cash (consumption) generation
Net cash consumed of £62.9m (2024: £14.2m generated) includes £59.0m of
dividends paid (2024: £56.2m) and £5.3m (2024: £24.9m) for treasury shares
purchased. Leverage has increased to 1.8x (2024: 1.5x) due to growth and
replacement of the fleet.
Net debt
Net debt reconciles as follows:
As at 30 April 2025 2024
£m £m
Opening net debt 742.2 694.4
Net cash consumed (generated) 62.9 (14.2)
Other non-cash items 31.2 75.1
Exchange differences 0.4 (13.1)
Closing net debt 836.7 742.2
Closing net debt increased by £94.5m in the year driven by net cash consumed,
non-cash items and exchange differences. Other non-cash items consist of
£33.0m of new leases acquired less £1.8m of other items.
Borrowing facilities
As at 30 April 2025 the Group had headroom on facilities of £412m (2024:
£244m), with £706m drawn (net of available cash balances) against total
facilities of £1,118m.
Facility Drawn Headroom Maturity Borrowing
£m £m £m cost
UK bank facilities 523 164 359 Apr 30 4.4%
Loan notes 481 481 - Nov 27-Oct 34 2.4%
Asset financing facility 100 50 50 Apr 29 5.9%
Other loans 14 11 3 Nov 25 3.1%
1,118 706 412 3.1%
The other loans drawn consist of £10m of local borrowings in Spain which were
renewed for a further year in November 2024 and £0.5m of preference shares.
During the financial year ending 30 April 2025, the Group completed a debt
refinancing programme over three transactions resulting in the Group's
facility maturities being extended out to 2034 and increasing liquidity by
£285m. In October 2024, the Group raised €190m (£160m) of additional loan
notes at an average borrowing cost of 4.4% with maturities of 7 and 10 years.
In December 2024, the Group arranged a £100m asset financing facility
provided on a one-year rolling commitment with drawn debt repaid over 40
months. In April 2025, the Group completed a refinancing of the UK bank
facilities. The facility size was increased by £25m, pricing terms were
improved, together with extending the tenor out five years to April 2030 with
options to extend for a further two years (subject to approval).
The above drawn amounts reconcile to net debt as follows:
Drawn
£m
Borrowing facilities 706
Unamortised finance fees (7)
Leases 138
Net debt 837
The overall cost of borrowings at 30 April 2025 is 3.1% (2024: 3.5%).
The margin charged on bank debt is dependent upon the Group's net debt to
EBITDA ratio, ranging from a minimum of 1.45% to a maximum of 3.00%. The net
debt to EBITDA ratio at 30 April 2025 corresponded to a margin of 1.95% (2024:
1.95%).
The split of net debt by currency was as follows:
As at 30 April 2025 2024
£m £m
Euro 649.9 522.2
Sterling 194.1 224.9
Borrowings and lease obligations before unamortised arrangement fees 844.0 747.1
Unamortised finance fees (7.3) (4.9)
Net debt 836.7 742.2
There are three financial covenants under the Group's facilities as follows:
As at 30 April Threshold 2025 Headroom 2024
Interest cover 3x 7.1x £112m (EBIT) 8.3x
Loan to value 70% 43% £448m (Net debt) 41%
Debt leverage 3x 1.8x £167m (EBITDA) 1.5x
The covenant calculations have been prepared in accordance with the
requirements of the facilities to which they relate.
Dividend and capital allocation
Subject to approval, the final dividend proposed of 17.6p per share (2024:
17.5p) will be paid on 30 September 2025 to shareholders on the register as at
close of business on 29 August 2025.
Including the interim dividend paid of 8.8p (2024: 8.3p), the total dividend
relating to the year would be 26.4p (2024: 25.8p). The dividend is covered
2.2x by underlying earnings.
The Group's objective is to employ a disciplined approach to investment,
returns and capital efficiency to deliver sustainable compounding growth.
Capital will be allocated within the business in accordance with the framework
outlined below:
• Funding organic growth
• Sustainable and growing dividend
• Inorganic growth
• Returning excess cash to shareholders
The Group plans to maintain a balance sheet within a target leverage range of
1.0x to 2.0x net debt to EBITDA, and during periods of significant growth net
debt would be expected to be towards the higher end of this range. This is
consistent with the Group's objective of maintaining a balance sheet that is
efficient in terms of providing long term returns to shareholders and
safeguards the Group's financial position through economic cycles.
Treasury
The function of the Group's treasury operations is to mitigate financial risk,
to ensure sufficient liquidity is available to meet foreseeable requirements,
to secure finance at minimum cost and to invest cash assets securely and
profitably. Treasury operations manage the Group's funding, liquidity and
exposure to interest rate risks within a framework of policies and guidelines
authorised by the Board of Directors.
The Group uses derivative financial instruments for risk management purposes
only and it is policy not to engage in speculative activity and to avoid using
more complex financial instruments.
Credit risk
The policy followed in managing credit risk permits only minimal exposures
with banks and other institutions meeting required standards as assessed
normally by reference to major credit agencies. Group credit exposure for
material deposits is limited to banks which maintain an A rating. Individual
aggregate credit exposures are also limited accordingly.
Liquidity and funding
The Group has sufficient funding facilities to meet its normal funding
requirements in the medium term as outlined in the borrowing facilities
section above. Covenants attached to those facilities as outlined above are
not restrictive to the Group's operations.
Capital management
The Group's objective is to maintain a balance sheet structure that is
efficient in terms of providing long term returns to shareholders and
safeguards the Group's financial position through economic cycles.
Operating subsidiaries are financed by a combination of retained earnings and
borrowings.
The Group can choose to adjust its capital structure by varying the amount of
dividends paid to shareholders, by issuing new shares or by adjusting the
level of capital expenditure.
Interest rate management
The Group's bank facilities, other loan agreements and lease obligations
incorporate variable interest rates. The Group seeks to ensure that the
exposure to future changes in interest rates is managed to an acceptable level
by having in place an appropriate balance of fixed rate and floating rate
financial instruments at any time. The proportion of gross borrowings
(including leases arising under HP obligations) held in fixed rates was 69% at
30 April 2025 (2024: 65%).
Foreign exchange risk
The Group's reporting currency is Sterling and 77% of its revenue was
generated in Sterling during the year (2024: 80%). The Group's principal
currency translation exposure is to the Euro, as the results of operations,
assets and liabilities of its Spanish and Irish businesses are translated into
Sterling to produce the Group's consolidated financial statements.
The average and year end exchange rates used to translate the Group's overseas
operations were as follows:
2025 2024
£:€ £:€
Average 1.19 1.16
Year end 1.17 1.17
Going concern
Having considered the Group's current trading, cash flow generation and debt
maturity including severe but plausible stress testing scenarios (as detailed
further in the notes to the financial statements) the Directors have concluded
that it is appropriate to prepare the Group financial statements on a going
concern basis.
Alternative performance measures and glossary of terms
A reconciliation of statutory to underlying Group performance is outlined at
the front of this document. A reconciliation of underlying cash flow measures
and additional alternative performance measures used to assess performance of
the Group is shown below.
Cash Flow Reconciliation 2025 2024
Year ended 30 April
£m £m
Underlying EBIT 202.0 213.7
Add back:
Depreciation of property, plant and equipment 287.5 231.3
Depreciation adjustment not included in underlying EBIT (26.5) -
Loss on disposal of assets - (0.1)
Intangible amortisation included in underlying operating profit (Note 6) 1.5 1.4
Underlying EBITDA 464.5 446.3
Net replacement capex (388.3) (280.2)
Lease principal payments (59.5) (65.0)
Steady state cash generation 16.7 101.1
Exceptional items (cash expenses) (3.8) -
Working capital and non-cash items 49.0 (5.6)
Growth capex (65.1) (1.7)
Taxation (18.3) (33.4)
Net operating cash (21.5) 60.4
Distributions from associates 0.5 2.0
Interest and other financing costs (37.1) (28.0)
Acquisition of business net of cash acquired - (4.1)
Free cash flow (58.1) 30.3
Dividends paid (59.0) (56.2)
Purchase of treasury shares (5.3) (24.9)
Add back: Lease principal payments 59.5 65.0
Net cash (consumed) generated (62.9) 14.2
Reconciliation to cash flow statement:
Net increase (decrease) in cash and cash equivalents 2.6 (17.7)
Add back:
Receipt of bank loans and other borrowings (212.7) (33.1)
Repayments of bank loans and other borrowings 87.7 -
Principal element of lease payments 59.5 65.0
Net cash (consumed) generated (62.9) 14.2
Cash Flow Reconciliation 2025 2024
Year ended 30 April
£m £m
Reconciliation of capital expenditure
Purchases of vehicles for hire 672.7 553.6
Proceeds from disposals of vehicles for hire (232.5) (288.0)
Proceeds from disposal of other property, plant and equipment (1.0) (1.4)
Purchases of other property, plant and equipment 11.1 15.7
Purchases of intangible assets 3.1 2.0
Net capital expenditure 453.4 281.9
Net replacement capex 388.3 280.2
Growth capex 65.1 1.7
Net capital expenditure 453.4 281.9
UK&I Spain Group
Rental Rental sub-total
2025 2025 2025
£000 £000 £000
Underlying operating profit(12) 90,383 81,780 172,163
Exclude:
Vehicle disposal profits (28,723) (23,735) (52,458)
Rental profit 61,660 58,045 119,705
Divided by: Revenue: hire of vehicles(13) 392,083 300,098 692,181
Rental margin 15.7% 19.3% 17.3%
UK&I Spain Group
Rental Rental sub-total
2024 2024 2024
£000 £000 £000
Underlying operating profit(12) 93,788 77,789 171,577
Exclude:
Vehicle disposal profits (34,017) (27,834) (61,851)
Rental profit 59,771 49,955 109,726
Divided by: Revenue: hire of vehicles(13) 384,448 274,016 658,464
Rental margin 15.5% 18.2% 16.9%
(12) See Note 1 of the financial statements for reconciliation of segment
underlying operating profit to Group underlying operating profit.
(13) Revenue: hire of vehicles including intersegment revenue (see Note 1
of the financial statements).
The following defined terms have been used throughout this document:
Term Definition
ADAS Advanced Driver Assistance Systems: A set of technologies, designed to assist
drivers in the safe operation of vehicles
AGM Annual General Meeting of the Company
API technology A set of protocols and tools that allow different software applications to
communicate with each other
Average capital employed A two-point average of capital employed at last day of the current and
previous financial years
Auxillis A business within the Claims & Services operating segment providing fault
and non-fault accident management assistance and related services
B2C Consumer related business activity
Blakedale A business within the UK&I Rental operating segment providing specialist
traffic management services
Capex Capital expenditure
Capital employed Net assets excluding net debt, acquired goodwill and acquired intangible
assets, and the adjustment to net book values for changes to depreciation
rates which have not been reflected in underlying results
CEO Chief Executive Officer
ChargedEV A business within the UK&I Rental operating segment providing EV charging
and solar infrastructure and solutions
Claims & Services The Claims & Services operating segment providing a range of mobility
solutions
CRM A technology tool used to manage and analyse customer interactions throughout
the customer lifecycle
DE&I Diversity, equity and inclusion
Disposal profit(s) This is a non-GAAP measure used to describe the adjustment in the depreciation
charge made in the year for vehicles sold at an amount different to their net
book value at the date of sale (net of attributable selling costs)
Drive to Zero A project related to the Group's target to reduce emissions
e-auction The part of the Group which generates vehicles sales revenue through the
Group's online sales platforms
EBIT Earnings before interest and taxation
EBITDA Earnings before interest, taxation, depreciation and amortisation
e-LCV(s) Electrically powered LCV(s)
EPS Earnings per share. Underlying unless otherwise stated
EV(s) Electrically powered vehicle(s)
Facility headroom Calculated as facilities of £1,118m less net borrowings of £706m. Net
borrowings represent net debt of £837m excluding lease liabilities of £138m
and unamortised arrangement fees of £7m and are stated after the deduction of
£34m of cash balances which are available to offset against borrowings
Fleet assets Referring to the net book value of vehicles for hire
FMG RS A business within the Claims & Services operating segment providing
vehicle repair services
Free cash flow Net cash generated after principal lease payments and before the payment of
dividends and payments to acquire treasury shares
FridgeXpress A business within the UK&I Rental operating segment providing specialised
temperature-controlled vehicle services
FY2021/FY2022/FY2023/FY2024/FY2025 Each of the financial years ended 30 April 2021 to 30 April 2025
FY2026/FY2027 Each of the financial years ending 30 April 2026 and 30 April 2027
FY2027 The year ending 30 April 2027
GAAP Generally Accepted Accounting Practice: meaning compliance with IFRS
Gearing Calculated as net debt divided by net tangible assets
Growth capex Growth capex represents the cash consumed in order to grow the total owned
rental fleet or the cash generated if the fleet size is reduced in periods of
contraction
H1/H2 Half year period. H1 being the first six months and H2 being the second six
months of the financial year
HP obligations Lease liabilities that would have been recognised on the balance sheet as
finance leases prior to adoption of IFRS 16 (Leases)
ICE vehicles Vehicles powered by an internal combustion engine
IFRS International Financial Reporting Standards
Income from associates The Group's share of net profit of associates accounted for using the equity
method
King's Award The King's Awards for Enterprise are for outstanding achievement by UK
businesses in the categories of innovation, international trade, sustainable
development and promoting opportunity through social mobility.
LCV Light commercial vehicle: the official term used within the UK and European
Union for a commercial carrier vehicle with a gross vehicle weight of not more
than 3.5 tonnes
Lease principal payments Principal payment on leases recognised under IFRS 16 (Leases)
M&A Referring to inorganic growth/growth opportunities
Micro-mobility Refers to a range of small, lightweight wheeled vehicles, operated by an
individual and intended for travel or usage over a short distance
Net replacement capex Net capital expenditure other than that defined as growth capex and lease
principal payments.
Net tangible assets Net assets less goodwill and other intangible assets
NewLaw A business within the Claims & Services operating segment providing legal
services
Non-GAAP A financial metric used which is not defined under GAAP
Non-ICE vehicles Vehicles not powered by an internal combustion engine
Northgate The vehicle rental business in UK, Ireland and Spain
NPS Net promoter score: a measure used to gauge customer satisfaction
OEM(s) Original Equipment Manufacturer(s): a reference to our vehicle suppliers
PBT Profit before taxation. Underlying unless otherwise stated
PPU Profit per unit/loss per unit - this is a non-GAAP measure used to describe
disposal profit (as defined), divided by the number of vehicles sold
Rental margin Calculated as rental profit divided by revenue (excluding vehicle sales)
Rental profit(s) EBIT excluding disposal profits
ROCE Underlying return on capital employed: calculated as underlying EBIT (see
non-GAAP reconciliation) divided by average capital employed
RPA A technology that uses software to automate repetitive and rule-based tasks
RTA Road Traffic Accident: a term used in the insurance industry for vehicle
accidents
Spain Referring to the Spain Rental operating segment
Spain Rental The Northgate Spain operating segment located in Spain and providing
commercial vehicle hire and ancillary services
Steady state cash generation EBITDA less net replacement capex and lease principal payments
The Company ZIGUP plc
The Group The Company and its subsidiaries
The merger The acquisition of Redde plc by Northgate plc (now ZIGUP plc) in February 2020
Trustpilot An independent digital platform for consumers to share experiences of
interactions with businesses
UK&I Referring to the UK&I Rental operating segment
UK&I Rental The UK&I Rental operating segment located in the United Kingdom and the
Republic of Ireland providing commercial vehicle hire and ancillary services
Underlying free cash flow Free cash flow excluding growth capex
Utilisation Calculated as the average number of vehicles on hire divided by average
rentable fleet in any period
Van Monster A trading name used within the UK&I Rental operating business, when
selling used vehicles to business and retail customers
VOH Vehicles on hire. Average unless otherwise stated
Principal risks and uncertainties
The world we live in
Risk description
The successful delivery of our strategy is influenced by the world we live in,
and we need to adapt to a changing global environment. Changes in both
economic and environmental conditions in the countries that the Group operates
in or is linked to, through our supply chain, could affect how we deliver our
services or change the cost base of the business.
Influencing factors
· Changes in economic conditions including economic growth forecasts,
exchange rates, interest rates and inflationary pressures
· Influences of global conflicts on global supply chains
· Increases to global tariffs could increase the costs in the supply
chain and affect our customers' businesses
· The impact that environmental conditions such as extreme weather
could have on our operations, as well as our impact on the environments in
which we operate
Controls and mitigating activities
• The Group's business model and balance sheet strength provides
resilience to economic downturns, with the flexibility of our offer being
attractive in times of uncertainty
• In the event of a downturn, the Group can manage its fleet flexibly,
generating cash and reducing debt by reducing vehicle purchases or
accelerating disposals
• The cost base related to management of insurance claims and services
is flexible and can be scaled back in response to a downturn in revenue
• Pricing structures remain under review in the context of cost
inflation with minimum return thresholds protecting margins
• Credit risk of new and existing customers is continually assessed
and the Group has a diversified customer base without overreliance on an
individual or group of customers across any sector
• The Group maintains close relationships with key suppliers to ensure
continuity of supply and diversifies the supplier base in periods when supply
becomes restricted
• Foreign exchange exposure is minimised through sourcing supplies in
the same currency as the revenue is generated. Translation risk is managed
through holding a proportion of borrowings in Euro in order to hedge against
the investment in Euro net assets
• Management continue to assess the impact of global tariffs on the
operations of the Group
Our markets and customers
Risk description
We operate in markets undergoing significant transformations both through
changing business models and customer expectations for smarter and
increasingly sustainable mobility. If the Group does not respond to
behavioural, structural, legal, or technological changes in our markets there
is a risk that demand for our services will reduce. Changes to the insurance
market or loss of a key insurance referral partner could adversely impact the
Group's revenues.
Influencing factors
• Structural changes to the rental and insurance and legal services
markets such as consolidation, digitalisation or vertical integration could
impact on the viability of the business model if we are not agile enough to
respond to those trends
• Changes to regulations for operation of ICE vehicles and widening of
low-emission zones will change the way in which mobility services will need to
be delivered
• Price competition for an equivalent service, could impact our
ability to attract and retain customers at appropriate rates of return
• Increases in insurance referral rates or cost increases which cannot
be passed on through claims could impact viability of returns
• Loss of a major customer or insurance referral partner could
diminish returns if the cost base is not managed appropriately
Controls and mitigating activities
• Our strong reputation for trusted and expert advice and customer
service improves retention of existing customers and attractiveness to new
customers by differentiating our offer from other market participants
• Continued evolution of the fleet towards non-ICE vehicles with
development of supplier relationships and investments in supporting
infrastructure
• Continual benchmarking of pricing and service offer compared to
competitors and other market participants. Pricing controls over target levels
of returns and discount authorities protect margins
• Minimising the concentration of business customers and maintaining
long term relationships with insurance partners with a large proportion of
revenue coming from contracts with customers, that are greater than one year
in length
Fleet availability
Risk description
Failure to secure sufficient access to fleet at appropriate pricing would
impact on our ability to meet operational and customer service delivery,
overall returns and our ability to grow organically.
An increase in fleet holding costs either through higher new vehicle pricing
or lower residual values, if not recovered through pricing increases or
operational efficiencies, would adversely affect returns.
Influencing factors
• Global supply improved in the previous year and continued to do so
in FY2025
• Higher new vehicle purchase price as the proportion of the fleet
made up of non-ICE vehicles grows
• Residual values continue to be affected by the vehicle supply
interruption and are influenced by other economic conditions
• The impact of increases to global tariffs on the automotive industry
remains uncertain
Controls and mitigating activities
• Flexibility over asset management means that in the short term the
Group can mitigate the shortage of supply of new vehicles by ageing out the
fleet
• The business model supports high levels of utilisation and vehicles
returned from customers are redeployed within the fleet
• The Group maintains close relationships with key suppliers to ensure
continuity of supply and has diversified the supplier base in order to broaden
access to new vehicles
• The Group minimises vehicle holding costs by flexibly managing the
fleet so that vehicles can be defleeted at the optimal point in their
lifecycle through our own sales channels. We manage vehicle sales through our
own retail sales network and online sales channels.
Our people
Risk description
We rely on the expertise and experience of our people in order to stay at the
forefront of changes to our markets and to maintain and deliver high levels of
customer service. Failure to attract, retain, develop and motivate this
talent would impact the Group's ability to meet its strategic objectives.
We also understand our responsibility to keep our people safe through
appropriate health and safety risk management to maintain trust with our
people and reputation across all stakeholders. The Group continues to ensure
that the health and safety procedures we have in place are robust to minimise
this threat as far as possible.
Influencing factors
• External pressures in the labour market creates issues in attracting
and retaining talent and therefore delivery of the operating model and
commercial proposition
• The diverse operations of the Group growing organically and
inorganically across a wide geographical area increases the challenge of
fostering a shared culture in line with strategic objectives
• Not safeguarding colleague's health and welfare and failure to
invest in our workforce will lead to high levels of staff turnover, which will
affect customer service, operational efficiency and overall delivery of the
Group's strategy
Controls and mitigating activities
• Engagement with the Group's leadership teams through The Voice
Network forums and the annual Have Your Say survey
• Internal communications establish values which are aligned to the
Group's strategy, and we undertake regular communication of the strategic
progress by the Group and how that best serves our people through various
platforms
• Ongoing benchmarking of reward and benefits against the comparable
employment market
• Regular performance reviews including personal development and
tailored training as well as a mentoring programme
• Regular engagement with colleagues and access to health and
wellbeing initiatives
• Widening of rewards and benefits including share ownership,
financial wellbeing initiatives and holiday buy and sell initiatives
• Group health and safety team develops policy and processes to ensure
safe working practices and monitors compliance with those policies
• Continual development of the Group's health and safety initiatives
to promote an ongoing safe working environment
Regulatory environment
Risk description
The Group must comply with all laws and regulations; certain activities within
the Group are regulated, therefore ongoing compliance with regulations is
required to ensure continuity of business.
Legal cases relating to the provision of credit hire and insurance-related
services have provided a precedent framework which has remained stable for
several years. Legal challenges or changes in legislation could undermine this
framework with consequences for the markets in which the Group operates.
Influencing factors
• Changes to the legislation or regulatory environment in any of the
Group's markets could impact revenue and profitability, particularly within
the credit hire, insurance and legal services businesses
• Inadequate operation of systems to monitor and ensure compliance
with regulation could expose the Group to fines and penalties, or operating
licences could be suspended and also adversely impact our reputation across
all stakeholder groups
Controls and mitigating activities
• In-house legal and compliance team continuously monitoring
regulatory and legal compliance
• Horizon scanning and monitoring of legal and regulatory developments
• Policies and procedures and compliance monitoring programmes
• Training in relation to relevant legislation, regulatory
responsibilities and the Group's policies and procedures
• External advisors are retained where necessary
Technology and digitalisation
Risk description
The Group relies on technology to ensure the safe continuity of business
operations, and advances in technology offer opportunities to leverage
efficiencies in processes and enhanced service delivery, with stakeholders
continuing to seek deeper digital engagement. Failure of existing systems,
lack of development in new systems or poor integration of new systems, could
result in a loss of commercial agility and/or harm the efficiency and
continuity of our operations.
The global threat of cyber attacks is increasing as attacks are becoming more
frequent and sophisticated. In May 2024, the Group was impacted by a cyber
incident in part of its UK operation. The Group's systems were immediately
isolated to contain and eliminate the threat. Most businesses experienced
limited impact and rapidly returned to normal operational capacity with the
NewLaw business being affected for the longest period. Defences were
strengthened immediately following the incident but the risk continues to be
monitored, with cyber attacks on other organisations regularly reported in the
media.
Influencing factors
• Inadequate IT systems can be at risk from failed processes, systems or
infrastructure and from error, fraud or cyber crime
• The Group's business is dependent on the safe and efficient processing
of a large number of complex transactions and stakeholder interactions. The
effective performance and availability of core systems is central to the
operation of the business
• Growth through inorganic acquisitions increases the complexity and
diversity of operations, IT systems and infrastructure
• Cyber attacks are becoming increasingly frequent and sophisticated.
The Group remains vigilant to changes in the cyber threat landscape and
continues to review the technology deployed to defend against these threats
Controls and mitigating activities
• Investments in key IT platforms and systems to ensure continued
operational performance and delivery
• Changes to key IT systems are considered as part of wider Group change
programmes and are implemented in phases where possible, with appropriate
governance structures put in place to oversee progress against project
objectives
• Ongoing monitoring of the continuity of IT systems with access to
support where required
• Back-up and recovery procedures for key systems including disaster
recovery plans
• The Board approved a new cyber security policy
• Increased training on cyber security made mandatory to all staff
• Operation of information security and data protection protocols to ensure
that data is held securely, and is adequately protected from cyber attacks or
other unauthorised access
Recovery of contract assets
Risk description
Our credit hire and repair business involves the provision of goods and
services on credit. The Group receives payment for the goods and services it
has provided after a claim has been pursued against the party at fault (and
the relevant third party insurer). This process can take a long period of time
before claims are agreed and settled.
Influencing factors
• Recovery of insurance claims requires the orderly running of
insurance markets with claims being settled on commonly agreed terms
• Due to the relative strength of insurance companies, they could
influence the speed of settlement of claims in order to secure better terms
• Settlement of claims is normally reached through mutual agreement.
Settlement through court arbitrations can be lengthy and relies on efficient
operation of the court process
Controls and mitigating activities
• Services are only provided to customers after a full risk assessment
process to ensure that the claim will be legally recoverable from a third
party
• The Group manages collection risk by standardising terms with third
party insurers (protocol agreements) where possible, which reduces collection
risk under shorter payment terms. The proportion of claims under protocol
terms has increased in the year to c.70%
• Other claims are managed through specialist teams in order to settle
claims or manage through a court arbitration process
Access to capital
Risk description
The Group needs access to sufficient capital to maintain and grow the fleet
and fund working capital requirements.
Investors increasingly require businesses to demonstrate that they act in a
responsible and sustainable manner prior to granting access to financing
facilities.
Influencing factors
• Debt markets can be volatile in terms of liquidity and pricing
• Failure to maintain or extend access to credit and fleet finance
facilities or non-compliance with debt covenants could affect the Group's
ability to achieve its strategic objectives or continue as a going concern
Controls and mitigating activities
• Debt facilities are diversified across a range of lenders and close
relationships are maintained with key funders of the Group to ensure
continuity of funding
• Debt facilities have been put in place to provide adequate headroom
and maturities in order to support the strategy of the Group
• In the current year, the Group secured three further tranches of
funding, via private placement debt facilities, asset-backed financing
facility and the refinancing of the Group's revolving credit facility, which
evidences investors are confident in the Group's operations
• The Group continually monitors cash flow forecasts to ensure
adequate headroom on facilities and ongoing compliance with debt covenants
• The Group maintains leverage within stated policy and the business
model allows cash to be generated through economic cycles
• The impact of access to capital on the Group's viability is
considered in the viability statement
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
2025 2024
Note £000 £000
Revenue: hire of vehicles 1 682,888 649,271
Revenue: sale of vehicles 1 257,600 312,469
Revenue: claims and services 1 872,156 871,387
Total revenue 1 1,812,644 1,833,127
Cost of sales (1,414,745) (1,400,236)
Gross profit 397,899 432,891
Administrative expenses (excluding exceptional items) (232,497) (229,270)
Net impairment of trade receivables (excluding exceptional items) (8,417) (9,782)
Exceptional administrative expenses: impairment of trade receivables 6 (3,006) -
Exceptional administrative expenses: other operating costs 6 (17,617) -
Total administrative expenses (261,537) (239,052)
Operating profit 136,362 193,839
Share of net profit of associates accounted for using the equity method 170 1,296
EBIT 1 136,532 195,135
Finance income 1,495 596
Finance costs (36,559) (33,628)
Profit before taxation 101,468 162,103
Taxation (21,623) (37,085)
Profit for the year 79,845 125,018
Profit for the year is wholly attributable to owners of the Parent Company.
All results arise from continuing operations.
Earnings per share Note 2025 2024
Basic 2 35.6p 55.2p
Diluted 2 34.9p 54.0p
See GAAP reconciliation at the front of this report for a reconciliation
between reported results as shown above and underlying measures used to
explain performance throughout this report.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2025
2025 2024
£000 £000
Amounts attributable to owners of the Parent Company
Profit attributable to the owners 79,845 125,018
1,413 (15,326)
Other comprehensive expense
Foreign exchange differences on retranslation of net assets of subsidiary
undertakings
Net foreign exchange differences on long term borrowings held as hedges (1,859) 11,252
Foreign exchange difference on revaluation reserve (2) (33)
Net fair value gain on cash flow hedges (104) 104
Deferred tax charge recognised directly in equity relating to cash flow hedges 26 (26)
Total other comprehensive expense (526) (4,029)
Total comprehensive income for the year 79,319 120,989
All items will subsequently be reclassified to the consolidated income
statement.
CONSOLIDATED BALANCE SHEET 2025 2024
AS AT 30 APRIL 2025 £000 £000
Non-current assets
Goodwill 111,906 115,918
Other intangible assets 94,336 111,054
Property, plant and equipment 1,683,456 1,483,344
Deferred tax assets 1,095 1,878
Interest in associates - 4,502
Total non-current assets 1,890,793 1,716,696
Current assets
Inventories 28,509 38,261
Receivables and contract assets 378,147 421,032
Derivative financial instrument assets - 104
Current tax assets 4,202 9,271
Cash and bank balances 33,738 39,802
Total current assets 444,596 508,470
Total assets 2,335,389 2,225,166
Current liabilities
Trade and other payables 340,450 335,597
Provisions 4,738 4,170
Current tax liabilities 238 29
Lease liabilities 39,507 51,442
Borrowings 54,367 57,542
Total current liabilities 439,300 448,780
Net current assets 5,296 59,690
Non-current liabilities
Non-current tax liabilities 2,549 -
Provisions 10,323 10,336
Lease liabilities 98,473 113,082
Borrowings 678,086 559,964
Deferred tax liabilities 43,501 49,607
Total non-current liabilities 832,932 732,989
Total liabilities 1,272,232 1,181,769
Net assets 1,063,157 1,043,397
Equity
Share capital 123,046 123,046
Share premium account 113,510 113,510
Treasury shares reserve (72,820) (67,488)
Own shares reserve (3,740) (9,694)
Translation reserve (7,205) (6,759)
Other reserves 330,454 330,534
Retained earnings 579,912 560,248
Total equity 1,063,157 1,043,397
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
Note 2025 2024
£000 £000
Cash generated from operations 4 509,730 440,671
Income taxes paid, net (18,255) (33,371)
Interest paid (34,855) (31,486)
Net cash generated from operations before purchases of and proceeds from 456,620 375,814
disposal of vehicles for hire
Purchases of vehicles for hire (672,744) (553,537)
Proceeds from disposals of vehicles for hire 232,576 287,983
Net cash generated from operations 16,452 110,260
Investing activities
Finance income 1,495 596
Distributions from associates 476 2,001
Payment for acquisition of subsidiary, net of cash acquired - (4,051)
Proceeds from disposal of other property, plant and equipment 965 1,432
Purchases of other property, plant and equipment (11,106) (15,757)
Purchases of intangible assets (3,098) (2,019)
Net cash used in investing activities (11,268) (17,798)
Financing activities
Dividends paid (59,042) (56,178)
Receipt of bank loans and other borrowings 212,685 33,078
Repayments of bank loans and other borrowings (87,680) -
Debt issue costs paid (4,022) -
Principal element of lease payments (59,501) (65,047)
Payments to acquire treasury shares (5,332) (24,878)
Proceeds from sale of own shares 263 2,829
Net cash used in financing activities (2,629) (110,196)
Net increase (decrease) in cash and cash equivalents 2,555 (17,734)
Cash and cash equivalents at 1 May (6,818) 11,681
Effect of foreign exchange movements 393 (765)
Cash and cash equivalents at 30 April (a) (3,870) (6,818)
(a) Cash and cash equivalents comprise:
Cash and bank balances 33,738 39,802
Bank overdrafts (37,608) (46,620)
Cash and cash equivalents (3,870) (6,818)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
Share capital and share premium Treasury shares reserve Own shares reserve Translation reserve Other Retained earnings Total
£000 £000 £000 £000 reserves £000 £000
£000
Total equity at 1 May 2023 236,556 (60,420) (9,615) (2,685) 330,489 500,270 994,595
Share options fair value charge - - - - - 5,239 5,239
Share options exercised - - - - - (14,902) (14,902)
Dividends paid - - - - - (56,178) (56,178)
Purchase of shares net of proceeds received on exercise of share options - (24,878) 2,829 - - - (22,049)
Transfer of treasury shares to own shares reserve - 17,810 (17,810) - - - -
Transfer of shares on vesting of share options - - 14,902 - - - 14,902
Deferred tax on share based payments recognised in equity - - - - - 801 801
Total comprehensive income - - - (4,074) 45 125,018 120,989
Total equity at 30 April 2024 and 1 May 2024 236,556 (67,488) (9,694) (6,759) 330,534 560,248 1,043,397
Share options fair value charge - - - - - 3,691 3,691
Share options exercised - - - - - (5,692) (5,692)
Dividends paid - - - - (59,042) (59,042)
Purchase of shares net of proceeds received on exercise of share options - (5,332) 262 - - - (5,070)
Transfer of shares on vesting of share options - - 5,692 - - - 5,692
Deferred tax on share based payments recognised in equity - - - - - 862 862
Total comprehensive income - - - (446) (80) 79,845 79,319
Total equity at 30 April 2025 236,556 (72,820) (3,740) (7,205) 330,454 579,912 1,063,157
Other reserves comprise the other reserve, capital redemption reserve,
revaluation reserve, hedging reserve and merger reserve.
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2025
1. SEGMENTAL ANALYSIS
UK&I Rental Spain Rental Claims & Services Corporate Eliminations Total
2025 2025 2025 2025 2025 2025
£000 £000 £000 £000 £000 £000
Revenue: hire of vehicles 382,790 300,098 - - - 682,888
Revenue: sale of vehicles 180,473 75,621 1,506 - - 257,600
Revenue: claims and services - - 872,156 - - 872,156
External revenue 563,263 375,719 873,662 - - 1,812,644
Intersegment revenue 9,293 - 59,351 - (68,644) -
Total revenue 572,556 375,719 933,013 - (68,644) 1,812,644
Underlying cost of sales (1) (420,595) (263,543) (772,770) 68,644 (1,388,264)
Underlying administrative expenses (see page 4) (61,578) (30,396) (122,105) (8,516) (222,595)
Underlying operating profit (loss) 90,383 81,780 38,138 (8,516) - 201,785
Share of net profit of associates accounted for using the equity method - - 170 - - 170
Underlying EBIT* 90,383 81,780 38,308 (8,516) - 201,955
Exceptional items (Note 6) (20,623)
Amortisation of acquired intangible assets (18,319)
Depreciation adjustment (Note 6) (26,481)
EBIT 136,532
Finance income 1,495
Finance costs (36,559)
Profit before taxation 101,468
(1) Underlying cost of sales is gross of cost of vehicle sales of £257.7m
(see page 4)
1. SEGMENTAL ANALYSIS (Continued)
UK&I Rental Spain Rental Claims & Services Corporate Eliminations Total
2024 2024 2024 2024 2024 2024
£000 £000 £000 £000 £000 £000
Revenue: hire of vehicles 375,255 274,016 - - - 649,271
Revenue: sale of vehicles 226,936 84,531 1,002 - - 312,469
Revenue: claims and services - - 871,387 - - 871,387
External revenue 602,191 358,547 872,389 - - 1,833,127
Intersegment revenue 9,193 - 87,865 - (97,058) -
Total revenue 611,384 358,547 960,254 - (97,058) 1,833,127
Underlying cost of sales(1) (459,874) (248,139) (789,264) - 97,058 (1,400,219)
Underlying administrative expenses (57,722) (32,619) (119,571) (10,577) - (220,489)
(see page 4)
Underlying operating profit (loss) 93,788 77,789 51,419 (10,577) - 212,419
Share of net profit of associates accounted for using the equity method - - 1,296 - - 1,296
Underlying EBIT(2) 93,788 77,789 52,715 (10,577) - 213,715
Amortisation of acquired intangible assets (18,563)
Depreciation adjustment (Note 6) (17)
EBIT 195,135
Finance income 596
Finance costs (33,628)
Profit before taxation 162,103
(1) Underlying cost of sales is gross of cost of vehicle sales of £312.5m
(see page 4)
(2) Underlying EBIT stated before adjustments to depreciation rates,
amortisation of acquired intangible assets and exceptional items is the
measure used by the Board of Directors to assess segment performance
(3) Prior year comparatives have been updated to include the segmental
underlying cost of sales and segmental underlying administrative expenses.
2. EARNINGS PER SHARE
2025 2024
£000 £000
Basic and diluted earnings per share
The calculation of basic and diluted earnings per share is based on the
following data:
Earnings
Earnings for the purposes of basic and diluted earnings per share, being 79,845 125,018
profit for the year attributable to the owners of the Parent Company
Number of shares
Weighted average number of ordinary shares for the purposes of basic earnings 224,263,336 226,332,009
per share
Effect of dilutive potential ordinary shares - share options 4,294,495 5,023,528
Weighted average number of ordinary shares for the purposes of diluted 228,557,831 231,355,537
earnings per share
Basic earnings per share 35.6p 55.2p
Diluted earnings per share 34.9p 54.0p
The calculated weighted average number of ordinary shares for the purpose of
basic earnings per share includes a reduction of 20,179,932 shares (2024:
17,579,590) relating to treasury shares acquired during the year and a
reduction of 1,648,155 shares (2024: 2,179,823) for shares held in employee
trusts.
3. DIVIDENDS
An interim dividend of 8.8p per ordinary share was paid in January 2025 (2024:
8.3p). The Directors propose a final dividend for the year ended 30 April 2025
of 17.6p per ordinary share (2024: 17.5p), which is subject to approval at the
AGM and has not been included as a liability as at 30 April 2025. Based upon
the shares in issue at 30 April 2025 and excluding treasury shares and shares
in employee trusts where dividends are waived, this equates to a final
dividend payment of £40m (2024: £39m). No dividends have been paid between
30 April 2025 and the date of signing the financial statements.
4. NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
2025 2024
Net cash generated from operations £000 £000
Operating profit 136,362 193,839
Adjustments for:
Depreciation of property, plant and equipment 287,557 231,293
Impairment of goodwill 4,012 -
Impairment of property, plant and equipment 1,043 -
Impairment of interest in associates 4,196 -
Amortisation of intangible assets 19,812 19,961
Gain on disposal of other property, plant and equipment (31) (76)
Share options fair value charge 3,691 5,239
Operating cash flows before movements in working capital 456,642 450,256
Decrease (Increase) in non-vehicle inventories 1,451 (2,788)
Decrease in receivables 44,888 26,049
Increase (Decrease) in payables 6,326 (39,630)
Increase in provisions 423 6,784
Cash generated from operations 509,730 440,671
5. ANALYSIS OF CONSOLIDATED NET DEBT
2025 2024
£000 £000
Bank loans 162,814 250,052
Bank overdrafts 37,608 46,620
Loan notes 480,875 320,267
Asset financing facility 49,987 -
Lease liabilities 137,980 164,524
Cumulative preference shares 500 500
Confirming facilities 669 67
870,433 782,030
Cash and bank balances (33,738) (39,802)
Consolidated net debt 836,695 742,228
6. EXCEPTIONAL ITEMS
Exceptional items are recognised in the income statement as follows:
2025 2024
£000 £000
Exceptional administrative expenses: impairment of trade receivables 3,006 -
Exceptional administrative expenses: other operating costs 17,617 -
Exceptional administrative expenses 20,623 -
Exceptional administrative expenses comprise the following:
2025 2024
£000 £000
Impairment of goodwill 4,012 -
NewLaw strategy 12,820 -
Other exceptional operating costs 3,791 -
Exceptional administrative expenses 20,623 -
Total exceptional items included within EBIT 20,623 -
Total pre-tax exceptional items 20,623 -
Tax credits relating to exceptional items (3,104) -
Cash expenses 3,791 -
Non-cash expenses 16,832 -
Total pre-tax exceptional items 20,623 -
Impairment of goodwill
Goodwill relating to the previous acquisition of Fleet Technique Limited (in
2006) has been written off in the year. This goodwill balance was previously
allocated to the Northgate Vehicle Hire (UK) CGU.
NewLaw strategy
Included in exceptional administrative expenses, is £12,820,000 relating to a
strategic decision made to exit the personal injury market in the UK as it no
longer provides attractive returns. This relates to the business of NewLaw
within the Claims & Services operating segment. The business is not core
to the mobility solutions provided to customers across the Group and been
operating in a challenging environment since regulatory reforms were put in
place in this market in 2021. Exiting the market will allow greater focus on
the core operations of the group and ensure that capital is allocated
optimally. No new business has been accepted, and existing cases have been put
into a managed run off.
The exceptional items relate to impairments of assets that have arisen due to
the decision to unwind the trade of the business over the shortest time
possible whilst remaining compliant with regulatory obligations, as follows:
Impairment of property, plant and equipment
An impairment to the right-of-use asset of £1,043,000 (2024: £nil) relating
to a property lease within the NewLaw business has been recognised due to the
downsizing of the operation.
Impairment of interest in associates
An impairment of interest in associates has been recognised of £4,196,000
(2024: £nil) in line with the strategy plan to unwind the NewLaw business.
Impairment of trade receivables
An exceptional cost of £3,006,000 (2024: £nil) has been recognised to the
extent that certain trade receivables are no longer deemed recoverable whilst
managing the NewLaw business in run-off.
Impairment of other receivables
A further impairment was recognised in respect to other receivables totalling
£3,598,000 (2024: £nil).
Adjustments to provisions
An exceptional cost of £977,000 (2024: £nil) was recognised in relation to
unavoidable costs for the element of the property lease which is no longer in
use.
Other exceptional operating costs
Restructuring costs of £1,033,000 (2024: £nil) were recognised of which
£343,000 arose in Claims & Services, £565,000 in UK&I Rental and
£125,000 in Corporate costs. This followed the announcement in the prior year
to streamline the organisational structure of the UK part of the Group.
In May 2024, the Group was impacted by a cyber incident in part of its UK
operation. The Group's systems were immediately isolated to contain and
eliminate the threat. Most businesses experienced limited impact and rapidly
returned to normal operational capacity with the NewLaw business being
affected for the longest period. The costs associated with managing this
incident of £2,758,000 (2024: £nil) have been recognised in exceptional
items in the period.
Other costs not classified as exceptional items but excluded from underlying
results
Depreciation rate changes
The Group has adjusted the depreciation rates from 1 May 2022 on vehicles
remaining on the fleet which were purchased before FY2021. This adjustment is
explained further in the Financial Review. The depreciation adjustment is a
debit to the consolidated income statement of £26,481,000 (2024: debit of
£17,000). This adjustment is not classified as an exceptional item, however,
it is excluded from underlying results in order to provide a better comparison
of results between periods.
Amortisation of acquired intangible assets
Amortisation of acquired intangible assets of £18,319,000 (2024:
£18,563,000) is not classified as an exceptional item as it is recurring.
However, it is excluded from underlying results in order to provide a better
comparison of results between periods as the Group grows through a combination
of organic and inorganic growth. The revenue and operating costs of these
acquisitions are included within underlying results. Amortisation of
intangible assets of £1,493,000 (2024: £1,398,000) which does not relate to
acquisitions is included within underlying profit.
7. BASIS OF PREPARATION
These financial statements have been prepared in accordance with United
Kingdom adopted international accounting standards ('IFRS') and with those
parts of the Companies Act 2006 applicable to companies reporting under IFRS.
ZIGUP plc (the Company) has adopted all IFRS in issue and effective for the
year.
While the financial information included in this preliminary announcement has
been prepared in accordance with the recognition and measurement criteria of
IFRS, this announcement does not itself contain sufficient information to
comply with IFRS. The Company expects to publish full financial statements
that comply with IFRS in July 2025.
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 April 2025 or 2024 but is derived
from those accounts. Statutory accounts for 2024 have been delivered to the
Registrar of Companies and those for 2025 will be delivered following the
Company's Annual General Meeting. The auditors have reported on those
accounts: their reports were unqualified, did not draw attention to any
matters by way of emphasis and did not contain statements under s498 (2) or
(3) of the Companies Act 2006.
The financial information presented in respect of the year ended 30 April 2025
has been prepared on a basis consistent with that presented in the annual
report for the year ended 30 April 2024.
Having considered the Group's current trading, cash flow generation and debt
maturity including severe but plausible stress testing scenarios, the
Directors have concluded that it is appropriate to prepare the Group financial
statements on a going concern basis.
Assessment of prospects
In the prior year, the Group launched a new brand and name, as well as
develop a refreshed strategic framework, to lead the Group through it's next
phase of sustainable growth. The Group successfully secured additional
financing as discussed in further detail further in this report, supporting
the Group's operations and providing the flexibility to grow the business and
deliver on our strategic objectives. The Group is well established within the
markets it operates in and continues to capitalise on key structural trends.
The Board took the decision in the year to exit the legal market in order to
focus on the core operations of the business. The Group continues to make
strong profits despite recent challenges, proving the Group's resilience and
commitment to delivering sustainable value to its stakeholders.
In the prior year, the Board launched a refreshed strategic framework,
introduced Enable, Deliver, Grow as the next phase of the Group's strategy.
During the year, the Group has spent the year delivering towards those
strategic objectives. The Board maintains a measured approach to strategic
risk whilst continuing to explore growth opportunities intended to add long
term value to the Group, both organically and inorganically. The Board
continually assesses the changes in the risk and emerging risks to the Group.
The Group pursues only those activities which are acceptable in the context of
the risk appetite of the Group as a whole.
Assessment of viability
To assess the Group's viability, the three-year strategic plan was stress
tested against various scenarios and other sensitivities.
Sensitivity analysis of our strategy
A detailed three-year strategic review was conducted which considers the
Group's cash flows, dividend cover assuming operation of stated policy, and
headroom against borrowing facilities and financial covenants under the
Group's existing facilities. These metrics were subjected to sensitivity
analysis to assess the Group's ability to deliver its strategic objectives.
Financial position
In the year, the Group completed a comprehensive debt refinancing programme,
allowing for refinancing on an investment grade basis and with improved
commercial terms. The financing programme increased the Groups revolving
credit facility to £500m with five year maturities, an additional €190m of
private placement loan notes alongside the existing €375m loan notes
extending the maturity profile to 2034 and a further £100m vehicle funding
facility on a one year rolling commitment further diversifying the funding
base of the Group. Headroom against the Group's existing banking facilities at
30 April 2025 was £412m as detailed on page 18. This compares with headroom
of £244m at 30 April 2024 and reflects the additional financial capacity owed
to recent financing activity to support the delivery of our objectives under
our strategic pillars of Enable, Deliver, Grow. The recent financing activity
demonstrates the Group's financial strength and are testament to the
relationship we have with our lenders and their belief in the sustainable
manner in which we operate and continue to deliver on our strategy.
Taking into account the planned financing assumptions, the Group's facilities
will provide sufficient headroom to fund the capital expenditure and working
capital requirements during the planned period.
The Directors have further considered the resilience of the Group, considering
its current position and the principal risks facing the business. The plan was
stress tested for severe but plausible scenarios over the planned period as
follows:
• No further growth in vehicles on hire with rental customers
• A 1% reduction in pricing of rental hire rates
• A 2% increase above plan assumptions in the purchase cost of vehicles
and other operating expenses not passed on to customers
• A £500 reduction to assumptions in the plan for the residual value of
used vehicles
• A 7.5% reduction in insurance claims and services revenue in aggregate,
either through lower demand or through ending the commercial relationship with
a group of key insurance partners
• A prudent working capital view reflecting the impact of a slow-down in
collections of historic insurance claims
The above scenarios took into account the effectiveness of mitigating actions
that would be reasonably taken, such as reducing variable costs that are
directly related to revenue, but did not take into account further management
actions that would likely be taken, such as a change to the indirect cost base
of the Group or a reduction in capital expenditure and ageing out of the
vehicle fleet, both of which would generate cash and reduce debt.
Conclusions relating to viability and going concern
After considering the above sensitivities and reasonable mitigating actions,
sufficient headroom remained against available debt facilities and the
covenants attached to those facilities. The Directors have a reasonable
expectation that the Group will continue to be able to meet its obligations as
they fall due and continue to be viable over the period to 30 April 2028. The
Directors also considered it appropriate to prepare the financial statements
on the going concern basis.
(( 1 )) Calculated as underlying EBIT divided by revenue (excluding vehicle
sales)
2 Including intersegment revenue of £9.3m (2024: £9.2m)
3 Calculated as underlying EBIT divided by revenue (excluding vehicle sales)
4 Calculated as underlying EBIT divided by total revenue (excluding vehicle
sales)
5 Including intersegment revenue of £10.2m (2024: £10.9m)
6 Including intersegment revenue of £49.1m (2024: £76.9m)
7 Gross profit margin calculated as underlying gross profit divided by total
revenue (excluding vehicle sales). EBIT margin calculated as underlying EBIT
divided by total revenue (excluding vehicle sales)
8 Net replacement capex is total capex less growth capex. Growth capex
represents the cash consumed in order to grow the fleet or the cash that is
generated if the fleet size is reduced in periods of contraction
9 Lease principal payments are included so that steady state cash generation
includes all maintenance capex irrespective of funding method
10 Lease principal payments are added back to reflect the movement on net
debt
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