Nexus Reports Fourth Consecutive Year Of Growth
By Kyle Lindsay
Wednesday, November 15, 2017 - 12:30
Nexus Vehicle Rental, the UK’s leading tech driven business mobility provider, has delivered double-digit growth in revenue and profit for the fourth consecutive year for the period ending 30 September 2017, in a year which has seen the company launch into the HGV market and drive further product innovation.
Nexus offers daily, short, medium and long-term rental with access to over 550,000 vehicles, including 100,000 specialist and commercial vehicles and 50,000 HGVs across 2,000 UK locations.
The business’ bespoke fleet management platform IRIS offers complete visibility of the entire rental journey from the customer and supplier perspective. From live reservations including mileages, to damage claims and invoicing, it is unique in the industry and on average helps clients reduce rental spend by 20 per cent.
Nexus celebrated a record year for new business bringing on almost 100 new clients in 2017.
Earlier this year, in response to customer demand, Nexus became the first and only rental provider to offer a UK-wide HGV rental solution alongside cars and vans through a single source platform. It now offers access to 50,000 HGVs, comprising 125 vehicle types from five tonnes upwards, via over 250 UK locations.
David Brennan, CEO of Nexus, said: “To record a fourth consecutive year of double digit revenue and profit growth is testament to our people, our service partners and our technology. As a highly ambitious and high growth business we have continued to invest in our technology and in developing industry-leading vehicle rental and business mobility solutions while delivering sustainable growth.
“In the consumer market a paradigm shift in the way we consume products and services is taking place. People are moving away from ownership in favour of usership, examples being subscription services like Netflix and mobile phone contracts for Smartphones. This mentality is gradually percolating though to the B2B market and due to the scalability and agility of our single source platform we are well placed to respond to ever-changing demand by adding new vehicle categories to our roster as and when customers want them.”
Nexus has built up the largest network of suppliers in the UK and can fulfil even the most unusual vehicle requests. Its online platform, IRIS, is completely scalable meaning that different vehicle asset categories can be added into the system so in the future, as different modes of transport such as EVs, autonomous and connected vehicles become more mainstream, it will accommodate those too.
IRIS is currently being upgraded with plans for IRIS v5 to be launched in 2018. New features will include improved international access, a full electric vehicle offering and a variety of other new mobility solutions for the corporate customer.
Founded in 1999, Nexus has achieved consistently high growth year-on-year and has also appeared in the Sunday Times Profit Track 100 twice.
The business underwent a shareholder buyout in 2015 when private equity firm Bowmark Capital bought out previous investor Livingbridge, for £51m. Bowmark specialises in UK growth companies valued up to £150m, backing experienced management teams to build world-class businesses.