Financial highlights
Total Revenue (£bn)
FY 2023
1.49
FY 2024
1.83
FY 2025
1.81
Underlying PBT (£m)
FY 2023
165.9
FY 2024
180.7
FY 2025
166.9
Underlying EPS (p)
FY 2023
55.6
FY 2024
61.4
FY 2025
58.4
ROCE (%)
FY 2023
14.1
FY 2024
14.5
FY 2025
12.6
| £m | FY2025 | FY2024 | % change |
|---|---|---|---|
| Revenue | 1,812.6 | 1,833.1 | (1.1%) |
| Revenue (exc. vehicle sales) | 1,555.0 | 1,520.6 | 2.3% |
| Underlying EBIT excluding disposals | 149.5 | 151.8 | (1.5%) |
| Underlying EBIT | 202.0 | 213.7 | (5.5%) |
| Underlying PBT | 166.9 | 180.7 | (7.6%) |
| Underlying EPS | 58.4p | 61.4p | (4.9%) |
| Dividend per share | 26.4p | 25.8p | 2.3% |
| Statutory PBT | 101.5 | 162.1 | (37.4%) |
| Statutory EPS | 35.6p | 55.2p | (35.5%) |
| Steady state cash generation | 16.7 | 101.1 | (83.5%) |
| Free cash flow | (58.1) | 30.3 | (291.7%) |
| Free cash flow ex growth capex | 7.0 | 32.0 | (78.1%) |
| Net debt inc IFRS16 | 836.7 | 742.2 | 12.7% |
| Return on capital employed % | 12.6% | 14.5% | (1.9ppt) |
| £m | HY2026 | HY2025 | % change |
|---|---|---|---|
| Revenue | 929.6 | 903.6 | 2.9% |
| Revenue (exc. vehicle sales) | 809.9 | 775.0 | 4.5% |
| Underlying EBIT excluding disposals | 81.7 | 73.3 | 11.5% |
| Underlying EBIT | 100.4 | 99.1 | 1.3% |
| Underlying PBT | 81.7 | 82.0 | (0.4%) |
| Underlying EPS | 27.6p | 28.1p | (1.8%) |
| Dividend per share | 8.8p | 8.8p | 0.0% |
| Statutory PBT | 65.0 | 56.2 | 15.8% |
| Statutory EPS | 22.0p | 19.4p | 13.4% |
| Steady state cash generation | 48.6 | 20.3 | 139.2% |
| Free cash flow | (26.1) | (20.5) | (27.5%) |
| Free cash flow ex growth capex | 47.5 | 33.0 | 43.8% |
| Net debt inc IFRS16 | 939.3 | 782.5 | 20.0% |
| Return on capital employed % | 11.9% | 12.8% | (0.8ppt) |
| £m | FY 2025 | FY 2024 | % change |
|---|---|---|---|
| Revenue – Vehicle hire | 392.1 | 384.4 | 2.0% |
| Rental profit | 61.7 | 59.8 | 3.2% |
| Rental margin | 15.7% | 15.5% | 0.2ppt |
| Disposal profit | 28.7 | 34.0 | (15.6%) |
| EBIT | 90.4 | 93.8 | (3.6%) |
| EBIT margin * | 23.1% | 24.4% | (1.3ppt) |
| Vehicles sold ‘000 | 20.6 | 22.2 | (7.2%) |
| LCV PPU (£) | 1,700 | 2,600 | (34.6%) |
| £m | FY 2025 | FY 2024 | % change |
|---|---|---|---|
| Revenue – Vehicle hire | 300.1 | 274.0 | 9.5% |
| Rental profit | 58.0 | 50.0 | 16.2% |
| Rental margin | 19.3% | 18.2% | 1.1ppt |
| Disposal profit | 23.7 | 27.8 | (14.7%) |
| EBIT | 81.8 | 77.8 | 5.1% |
| EBIT margin * | 27.3% | 28.4% | (1.1ppt) |
| Vehicles sold ‘000 | 13.8 | 14.5 | (4.8%) |
| PPU (£) | 1,700 | 1,900 | (10.6%) |
| £m | FY 2025 | FY 2024 | % change |
|---|---|---|---|
| Revenue – Claims and services | 882.4 | 882.3 | 0.0% |
| Gross profit | 160.2 | 171.0 | (6.3%) |
| Gross margin | 18.2% | 19.4% | (1.2ppt) |
| Operating profit | 38.1 | 51.4 | (25.8%) |
| Income from associates | 0.2 | 1.3 | (86.9%) |
| EBIT | 38.3 | 52.7 | (27.3%) |
| EBIT margin * | 4.3% | 6.0% | (1.7ppt) |
| Year ended 30 April, £m | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue – vehicle hire | 682.9 | 649.3 | 610.5 | 563.3 | 515.6 |
| Revenue – claims and services | 872.2 | 871.4 | 726.4 | 530.3 | 364.1 |
| Revenue – excluding vehicle sales | 1,555.0 | 1,520.6 | 1,336.9 | 1,093.6 | 879.7 |
| Revenue – vehicle sales | 257.6 | 312.5 | 152.9 | 149.9 | 229.8 |
| Revenue – total | 1,812.6 | 1,833.1 | 1,489.7 | 1,243.6 | 1,109.5 |
| Underlying EBIT (excluding disposals) | 149.5 | 151.8 | 137.7 | 117.8 | 69.6 |
| Underlying EBIT | 202.0 | 213.7 | 189.2 | 167.9 | 109.8 |
| Underlying profit before tax | 166.9 | 180.7 | 165.9 | 151.3 | 93.2 |
| Underlying earnings per share | 58.4p | 61.4p | 55.6p | 50.8p | 31.0p |
| Dividend per share | 26.4p | 25.8p | 24.0p | 21.0p | 15.4p |
| Statutory profit before tax | 101.5 | 162.1 | 178.7 | 132.7 | 67.2 |
| Statutory earnings per share | 35.6p | 55.2p | 60.3p | 41.3p | 26.6p |
| EBITDA (underlying) | 464.5 | 446.3 | 412.2 | 366.7 | 302.3 |
| Net replacement capex (including lease payments) | (447.8) | (345.2) | (220.7) | (150.4) | (162.3) |
| Steady state cash flow generation | 16.7 | 101.1 | 191.5 | 216.4 | 140.1 |
| Growth capex | (65.1) | (1.7) | (122.6) | (108.6) | 19.1 |
| Free cash flow | (58.1) | 30.3 | 4.5 | 19.8 | 97.8 |
| Free cash flow (excluding growth capex) | 7.0 | 312.2 | 127.1 | 128.4 | 78.7 |
| Net debt | 836.7 | 742.2 | 694.4 | 582.5 | 530.3 |
| Return of capital employed % | 12.6% | 14.5% | 14.1% | 13.9% | 9.5% |
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 2025, unless otherwise stated.
Impact of depreciation rate
| £m | FY23 | FY24 | FY25 | FY26 | FY27 | Total |
|---|---|---|---|---|---|---|
| Reduced depreciation | 55.1 | 38.3 | 11.0 | 5.3 | 0.2 | 109.9 |
| Reduced disposal profits | (8.5) | (38.3) | (37.4) | (20.7) | (5.0) | (109.9) |
| Impact on Statutory EBIT | 46.6 | – | (26.8) | (15.4) | (4.8) | – |
| Previously expected impact | 46.6 | – | (24.8) | (18.2) | (3.6) | – |
| UK&I: | ||||||
| Reduced depreciation | 45.4 | 25.7 | 7.5 | 3.5 | 0.2 | 82.3 |
| Reduced disposal profits | (6.7) | (30.5) | (28.1) | (16.1) | (0.9) | (82.3) |
| Impact on UK&I EBIT | 38.7 | (4.8) | (20.6) | (12.6) | (0.7) | – |
| Spain: | ||||||
| Reduced depreciation | 9.7 | 12.6 | 3.5 | 1.8 | – | 27.6 |
| Reduced disposal profits | (1.8) | (7.8) | (9.3) | (4.6) | (4.1) | (27.6) |
| Impact on Spain EBIT | 7.9 | 4.8 | (5.8) | (2.8) | (4.1) | – |
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-25)* | 47,200 | 73,200 | 14,300 | 134,700 |
| Purchases | 7,300 | 10,000 | 2,000 | 19,300 |
| Disposals | (6,800) | (6,900) | (1,200) | (14,900) |
| Transfers | 400 | – | (400) | – |
| Movements on direct vehicles | (300) | – | – | (300) |
| Movement on leased vehicles | – | – | (800) | (800) |
| Closing fleet (Oct-25)** | 47,800 | 76,300 | 13,900 | 138,000 |
| Closing owned fleet | 43,100 | 74,900 | 5,100 | 123,100 |
| Closing leased fleet | 3,300 | – | 8,800 | 12,100 |
| Closing total fleet (ex-sales stock) | 46,400 | 74,900 | 13,900 | 135,200 |
| Closing sales stock | 1,400 | 1,400 | – | 2,800 |
| Purchases for growth | 500 | 3,100 | 800 | 4,400 |
| Sales in contraction | – | – | – | – |
| Growth in owned fleet for growth capex** | 500 | 3,100 | 800 | 4,400 |
| Purchases for replacement | 6,800 | 6,900 | 1,200 | 14,900 |
| Replacement sales | (6,800) | (6,900) | (1,200) | (14,900) |
| Net replacements | – | – | – | – |