Novuna Business Finance, the asset finance arm of Mitsubishi HC Capital UK, reported pre-tax profits of £66.2m in FY22/23, contributing to overall profits of £160.8m for the Group.

The company, a provider of asset finance solutions for UK-based SMEs and larger corporations, achieved pre-tax profits of £66.2m in FY22/23, up 165% from the previous year.

Novuna achieved a 22% increase in new business, totalling £999.3m and benefitted from a one-off gain of £44.1m following the revaluation of a strategic investment in GRIDSERVE’S EV charging infrastructure to deliver a record performance.

GRIDSERVE secures £200m from Infracapital to develop EV infrastructure

Novuna achieved an 8% increase in net earning assets, totalling £1.7bn this year, which propelled its standing to become the third largest asset finance provider in the UK. The introduction of a workflow automation tool for manufacturers and dealers resulted in over £4m in additional revenue.

Geoff Maleham, managing director at Novuna Business Finance, said: “Despite the challenges, we continued to explore new revenue opportunities whilst remaining committed to delivering exceptional service across all established routes to market, reinforcing our position as the third largest asset finance provider in the UK.

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“I am confident that with a clear vision for the future and a strong foundation, we are well placed to sustain our growth and expand the business further over the next 12-18months.”

Record Group profits for Mitsubishi HC Capital UK PLC 

At Group level, Mitsubishi HC Capital UK PLC reported a record-high pre-tax profit of £160.8m for the financial year, a 24% increase from £130m the previous year.

Robert Gordon, CEO of Mitsubishi HC Capital UK PLC, said: “We continued to expand our workforce and invest in technological improvements to drive operational efficiencies across the Group which provides us with a strong platform for further growth in the UK and Europe in the years ahead.”

Novuna rebrand from Hitachi Capital Business Finance complete