Financial highlights


Long term planning is at the heart of our business model. We focus on sustainability so that we can support our customers for the long term.

Efficient, prudent and future-proofed, we've built our financial strategy to last. It embraces:

  • A robust balance sheet and capital reserves that can protect customers against economic impact – and reduce borrowing costs
  • The creation of opportunities – to find more sources of competitive funding and to maintain our excellent credit rating
  • Forging strong partnerships with stakeholders
  • Ensuring our technology is reliable and future-proofed

Some key highlights


Reported profit after tax


Total revenue


Credit rating with stable outlooks

2021 overview 

During the year to September 2021, the business delivered strong performance across a broad range of financial and non-financial measures as we have continued to focus on supporting our customers through the uncertainty and challenges of the Covid-19 pandemic. We have placed a priority on keeping our customers mobile through the national lockdowns during the winter and spring months by providing flexibility around lease extensions and working closely with suppliers to ensure we continue to deliver a worry-free proposition.

As announced in the 2021 Half Year Report, we provided customers with a £50 rebate over the summer (additional to a £50 rebate paid in 2020) reflecting further insurance related cost savings due to the various regional and national lockdowns. This reduction in vehicle usage (and related running costs) underpins a further £60 rebate to customers, committed by the Board and accounted for in FY2021, that will be transferred to customers early in 2022. In aggregate we will have rebated over £100m to customers.


Overall customer satisfaction

(independently measured)


Employee engagement

(independently measured)

During FY2021, financial performance has tracked above target, particularly during the second half of the year, as the well-publicised new vehicle supply shortages and pent-up consumer demand have led to an exceptionally buoyant used-car market. We were also pleased to be in a position to release the Brexit and Covid-19 overlays reflected in our previous assessment of residual values.

These factors have had a direct impact on the value of our fleet, which manifests in both enhanced vehicle-remarketing profitability and reduced depreciation charges as we assess the projected future value of the existing fleet. These effects are covered in more detail later in this report however, this financial upside has provided the headroom to enable not only the customer rebates referenced above (£70m in FY2021), but also a £170m charitable donation to Motability, which will enable the Charity to fulfil their ambitious plans to assist disabled people over the next three years.


Customer rebates paid/committed in FY2021


Charitable donation to Motability


Cash and cash equivalents

Net of this support provided to existing customers and Motability, we report a post-tax profit of £559.9m. This financial result provides us with adequate capital headroom in the context of our growth expectations and in light of our commitment to invest £300m over the next five years to support the “worry-free” transition to electric vehicles for current and future generations of customers.

This result has also enabled us to provide additional affordability support to all new and renewing Car Scheme customers in the form of a £250 payment towards the cost of their next lease. This will be available for all existing customers as of 31 December 2021 and payable at the point at which they renew into their next lease and to any new to Scheme customers who either have a pending application which is delivered or who place an application during the 2022 calendar year. A support payment of £100, which will be based on the same criteria, will also be available to new and renewing PWSS customers. In total these payments represent an investment of up to £180m towards supporting customers’ affordability.

Key elements during challenging times

Like other businesses, we faced new and serious challenges during 2021. We're confident that our approach helped us to respond to changing customer needs and operational demands. We balanced:

  • Agile decision-making
  • Robust internal control processes
  • Careful tracking and communication of management decisions

Together, these elements supported good organisational alignment, giving us a blueprint for introducing effective temporary measures, grounded by firm financial and operational control.

Total revenue increased by 9.4% compared with the previous financial year, largely due to vehicle remarketing performance.