Vehicle leasing giant Ayvens has reported a 22.2% drop in pre-tax profits, down from €1.66 billion (£1.42bn) to €1.29bn (£1.1bn), year-on-year.

The business was created after ALD completed its £4.1bn (€4.8bn) acquisition of LeasePlan by a consortium led by TDR Capital in May 2023. 

It brought together two of the UK’s biggest leasing companies to take top slot in last year’s FN50 with a risk fleet of 313,149 cars and vans.

As of the end of 2023, its global fleet stood at 3.42 million – a year-on-year increase of 3% – with electric vehicle (EV) penetration reaching 35%.

Ayvens’ BEV and plug-in hybrid (PHEV) penetration stood at 21% and 13% respectively in 2023.

Full-service leasing contracts reached 2.7 million vehicles, up 3.2% year-on-year, while fleet management contracts increased by 2.1%.

Figures suggest a €400m (£341m) year-on-year decline in used car sales results. Ayvens blamed, in part, falls in residual values as the market normalised.

Tim Albertsen (pictured), CEO of Ayvens, said: “A few months into the integration (of ALD and LeasePlan), I am grateful for the unwavering commitment of our employees who maintained the highest standards of customer service while efficiently implementing our integration plan, which progresses according to schedule.

“In the context of normalising used car markets, higher inflation and volatile interest rates, Ayvens posted mixed financial results for a transition year, compared to an exceedingly high 2022 base, but confirmed its strong capital position.

“In accordance with our strategic plan, our teams are tackling these challenges head on and have undertaken decisive steps to restore our margins, reduce the volatility of our revenues and protect the value of our assets.

“I am confident that we can achieve this, thanks to our unique competitive position and proven agility, and that we will be able to see the benefits by the end of this year.”