| £m | FY 2024 | FY 2023 | % change |
|---|---|---|---|
| Revenue | 1,833.1 | 1,489.7 | 23% |
| Revenue (exc. vehicle sales) | 1,520.6 | 1,336.9 | 14% |
| Underlying EBIT (excluding disposals) | 151.8 | 137.7 | 10.2% |
| Underlying EBIT | 213.7 | 189.2 | 13.0% |
| Underlying PBT | 180.7 | 165.9 | 8.9% |
| Underlying EPS | 61.4p | 55.6p | 10.4% |
| Dividend Per Share | 25.8p | 24.0p | 7.5% |
| Statutory PBT | 162.1 | 178.7 | -9.3% |
| Statutory EPS | 55.2p | 60.3p | -8.5% |
| Steady state cash generation | 101.1 | 191.5 | -47.2% |
| Free cash flow | 30.3 | 4.5 | 573% |
| Free cash flow (excluding growth capex) | 312.2 | 127.1 | 146% |
| Net debt (inc. IFRS16) | 742.2 | 694.4 | 7% |
| Return on Capital Employed % | 14.5% | 14.1% | 0.4ppt |
| £m | HY 2024 | HY 2023 | % change |
|---|---|---|---|
| Revenue | 911.3 | 696.3 | 31% |
| Revenue (exc. vehicle sales) | 733.8 | 627.6 | 17% |
| Underlying EBIT (exc. vehicle sales) | 80.3 | 68.7 | 17% |
| Underlying EBIT | 115.0 | 93.4 | 23% |
| Underlying PBT | 99.1 | 83.7 | 18% |
| Underlying EPS | 33.4 | 28.1 | 19% |
| Dividend per share | 8.3p | 7.5p | 11% |
| Statutory EPS | 32.9 | 34.4 | (4%) |
| Steady state cash generation | 81.4 | 121.2 | (33%) |
| Net cash movement | (52.8) | (73.4) | (28%) |
| Net debt (inc. IFRS16) | 755.0 | 661.3 | 14% |
| Return on capital employed | 14.8% | 13.5% | 1.3ppt |
For H1 divisional figures, please see Interim statement in Reports & Presentations
| £m | FY 2024 | FY 2023 | % change |
|---|---|---|---|
| Revenue – Vehicle hire | 384.4 | 367.7 | 4.6% |
| Rental profit | 59.8 | 55.6 | 7.4% |
| Rental margin | 15.5% | 15.1% | 0.4ppt |
| Disposal profit | 34.0 | 37.8 | (9.9%) |
| EBIT | 93.8 | 93.4 | 0.4% |
| EBIT margin * | 24.4% | 25.4% | (1.0ppt) |
| Vehicles sold ‘000 | 22.2 | 10.2 | 118% |
| PPU (£) | 2,600 | 3,700 | (30%) |
* EBIT margin calculated as EBIT divided by revenue (excluding vehicle sales)
| £m | FY 2024 | FY 2023 | % change |
|---|---|---|---|
| Revenue – Vehicle hire | 274.0 | 252.7 | 8.4% |
| Rental profit | 50.0 | 46.7 | 6.9% |
| Rental margin | 18.2% | 18.5% | (0.3ppt) |
| Disposal profit | 27.8 | 13.7 | 103% |
| EBIT | 77.8 | 60.4 | 28.7% |
| EBIT margin * | 28.4% | 23.9% | 4.5ppt |
| Vehicles sold ‘000 | 14.5 | 7.9 | 83.5% |
| PPU (£) | 1,900 | 1,700 | 10.5% |
* EBIT margin calculated as EBIT divided by revenue (excluding vehicle sales)
| £m | FY 2024 | FY 2023 | % change |
|---|---|---|---|
| Revenue – Claims and services | 882.3 | 738.9 | 19.4% |
| Gross profit | 171.0 | 151.5 | 12.9% |
| Gross margin | 19.4% | 20.5% | (1.1ppt) |
| Operating profit | 51.4 | 44.5 | 15.5% |
| Income from associates | 1.3 | 2.5 | (48.8%) |
| EBIT | 52.7 | 47.0 | 12.1% |
| EBIT margin * | 6.0% | 6.4% | (0.4ppt) |
* EBIT margin calculated as EBIT divided by revenue (excluding vehicle sales)
| Year ended 30 April, £m | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Revenue – vehicle hire | 649.3 | 610.5 | 563.3 | 515.6 | 518.2 |
| Revenue – claims and services | 871.4 | 726.4 | 530.3 | 364.1 | 67.4 |
| Revenue – excluding vehicle sales | 1,520.6 | 1,336.9 | 1,093.6 | 879.7 | 585.6 |
| Revenue – vehicle sales | 312.5 | 152.9 | 149.9 | 229.8 | 193.8 |
| Revenue – total | 1,833.1 | 1,489.7 | 1,243.6 | 1,109.5 | 779.3 |
| Underlying EBIT (excluding disposals) | 151.8 | 137.7 | 117.8 | 69.6 | 64.3 |
| Underlying EBIT | 213.7 | 189.2 | 167.9 | 109.8 | 74.8 |
| Underlying Profit before Tax | 180.7 | 165.9 | 151.3 | 93.2 | 59.0 |
| Underlying Earnings per Share | 61.4p | 55.6p | 50.8p | 31.0p | 30.8p |
| Dividend per Share | 25.8p | 24.0p | 21.0p | 15.4p | 13.1p |
| Statutory profit before Tax | 162.1 | 178.7 | 132.7 | 67.2 | 13.5 |
| Statutory Earnings per Share | 55.2p | 60.3p | 41.3p | 26.6p | 5.0p |
| EBITDA (underlying) | 446.3 | 412.2 | 366.7 | 302.3 | 283.8 |
| Net Replacement Capex (including lease payments) | (345.2) | (220.7) | (150.4) | (162.3) | (196.9) |
| Steady state cash flow generation | 101.1 | 191.5 | 216.4 | 140.1 | 86.9 |
| Growth Capex | (1.7) | (122.6) | (108.6) | 19.1 | (16.8) |
| Free cash flow | 30.3 | 4.5 | 19.8 | 97.8 | 21.6 |
| Free cash flow (excluding growth capex) | 312.2 | 127.1 | 128.4 | 78.7 | 38.4 |
| Net Debt | 742.2 | 694.4 | 582.5 | 530.3 | 575.9 |
| Return of Capital Employed % | 14.5% | 14.1% | 13.9% | 9.5% | 7.0% |
Note: All results are underlying unless otherwise stated. Results include intercompany revenues. For accounting definitions, see the latest Annual Report. All figures on this website are correct as at end-April 2024, unless otherwise stated.
Impact of depreciation rate
| £m | FY23 | FY24 | FY25 | FY26 | FY27 | Total |
|---|---|---|---|---|---|---|
| Reduced depreciation | 55.1 | 38.3 | 15.7 | 4.1 | – | 113.2 |
| Reduced disposal profits | -8.5 | -38.3 | -40.5 | -22.3 | -3.6 | -113.2 |
| Impact on Statutory EBIT | 46.6 | – | -24.8 | -18.2 | -3.6 | – |
| Previously expected impact | 46.5 | 12.7 | -28.3 | -26.4 | -4.5 | – |
| UK&I: | ||||||
| Reduced depreciation | 45.4 | 25.7 | 8.8 | 1.6 | – | 81.5 |
| Reduced disposal profits | -6.7 | -30.5 | -29.8 | -14.5 | – | -81.5 |
| Impact on UK&I EBIT | 38.7 | -4.8 | -21 | -12.9 | – | – |
| Spain: | ||||||
| Reduced depreciation | 9.7 | 12.6 | 6.9 | 2.5 | – | 31.7 |
| Reduced disposal profits | -1.8 | -7.8 | -10.7 | -7.8 | -3.6 | -31.7 |
| Impact on Spain EBIT | 7.8 | 4.8 | -3.8 | -5.3 | -3.6 | – |
Key points
- Statutory adjustment re-phased on same vehicle cohort to reflect further fleet ageing
- Statutory PBT had nil impact in FY 2024 from the depreciation rate change. The change reflects updates from the prior year estimate due to a larger number of vehicles sold more quickly
- This adjustment will reverse over the remaining holding period of the cohort as vehicles are sold with a higher NBV and therefore a lower PPU
- Newer vehicles will not be impacted by the change
Fleet reconciliation
| Vehicles # | UK&I | Spain | Claims & Services | Group |
|---|---|---|---|---|
| Opening owned fleet (Apr-23)* | 53,800 | 63,400 | 18,500 | 135,700 |
| Acquisitions | 100 | – | – | 100 |
| Purchases | 10,900 | 17,600 | 2,600 | 31,100 |
| Disposals | -15,100 | -14,500 | -3,700 | -33,300 |
| Transfers | 1,700 | – | -1,700 | – |
| Movements on direct vehicles | -2,600 | – | – | -2,600 |
| Movement on leased vehicles | 600 | – | 800 | 1,400 |
| Closing fleet (Apr-24)* | 49,400 | 66,500 | 16,500 | 132,400 |
| Closing owned fleet | 43,500 | 65,100 | 6,400 | 115,000 |
| Closing leased fleet | 3,100 | – | 10,100 | 13,200 |
| Closing total fleet (ex-sales stock) | 46,600 | 65,100 | 16,500 | 128,200 |
| Closing sales stock | 2,800 | 1,400 | – | 4,200 |
| Purchases for growth | – | 3,100 | – | 3,100 |
| Sales in contraction | -4,200 | – | -1,100 | -5,300 |
| Growth in owned fleet for growth capex | -4,200 | 3,100 | -1,100 | -2,200 |
| Purchases for replacement | 10,900 | 14,500 | 2,600 | 28,000 |
| Replacement sales | -10,900 | -14,500 | -2,600 | -28,000 |
| Net replacements | – | – | – | – |
** growth in owned fleet includes movement on sales stock & excludes vehicles held under leasing
