Novuna Group delivers £120.6m pre-tax profit for FY2024/25

Novuna Group has announced its financial results for the fiscal year 2024/25, showcasing a robust and resilient performance despite economic headwinds. The Group delivered £120.6 million in pre-tax profit from continuing operations and recorded a 6.3% year-on-year increase in new business volumes, reaching £4.65 billion. With net earning assets rising to £8.58 billion, Novuna continues to solidify its position as a leading provider of consumer, vehicle, and business finance in the UK.

“Our unwavering focus on delivering value-added products and exceptional service across both commercial and consumer markets has driven record levels of new business, while also deepening relationships with existing customers.”

He added that strategic investments in people and technology, combined with an exit from underperforming European operations, have significantly enhanced operational efficiency.

Novuna Business Finance: powering SME growth

As the UK’s largest non-bank asset finance provider, Novuna Business Finance reported a pre-tax profit of £22.9 million. New business volumes grew 7.2% to £760.7 million, spurred by a 20% surge in Commercial Broker business and a near 9% increase in direct market engagement.

The division’s portfolio grew 6.7% to £1.9 billion, with particular momentum in stocking facilities, which neared the £300 million milestone; and sustainable project finance, the fastest-growing channel, now exceeding £100 million in outstanding balances.

Novuna Vehicle Solutions: fleet expansion and sustainability focus

Novuna Vehicle Solutions, the sixth largest leasing company in the UK, expanded its fleet from 109,000 to over 113,000 vehicles in 2024/25, with fleet value rising 8.9% to £2.1 billion.

The division saw new business volumes increase by 4.2%, reaching £884.1 million, supported by strong customer demand for sustainable, fuel-agnostic solutions. Major contracts were delivered for Amey, Centrica, Network Rail, Kier, and new wins included Royal Mail and Schneider Electric.

Additional divisional highlights

Novuna Business Cash Flow achieved a pre-tax profit of £1.8 million, with net earning assets up 4.8% to £136.6 million. For the first time, large corporate clients made up more than half of its portfolio.

Novuna Consumer Finance reported a £38.9 million pre-tax profit, up £9.5 million year-on-year, with new business volumes rising 8.0% to £2.5 billion. Over 600 new retail partners were onboarded, including Vitality and Specsavers.

Group-wide metrics and outlook

Despite a 9.6% year-on-year decline in profit before tax due to strategic divestments and continued investment, the Group maintained strong asset quality with bad debt charges at just 0.32% of total assets.

With a diverse and growing funding base, including public debt issues across Asia, the UK, and Europe, Novuna is well-placed for sustainable, long-term growth.

“With margin pressures easing and a growing, diverse funding base, the Group is well-positioned for sustainable, long-term growth,” Gordon said. “Winning and retaining customers will continue to be at the heart of our success.”