Hitachi Capital (UK) has hailed strong full-year financial results despite the impact of the Covid-19 pandemic.
The company has reported profit before tax (PBT) of £104m for the 2020/21 financial year, compared to £129.4m in 2019/20.
Hitachi Capital (UK) generated £3.3bn of new business, with a strong recovery in the second half of the year helping to maintain its level of net earning assets at £5.9bn.
New business volume in the first six months of financial year 2020/21 recovered to 69 per cent of 2019/20 levels, rising to 99.7 per cent in the second half of the year, despite two further lockdowns.
During 2020/21, Hitachi Capital (UK) provided funding worth £78.6m to support sustainable energy projects and purchased a 19.63 per cent equity holding in GRIDSERVE to partner in the development of electric vehicle charging infrastructure.
A total of 233 new permanent employees joined the business, which now employs 1,550 staff in the UK and Europe.
Robert Gordon, chief executive at Hitachi Capital (UK), said: "Our continued success and recovery, particularly over the second half of the year, has been achieved by adjusting to the pandemic conditions, accelerating our digital capabilities in line with evolving customer expectations and consistently providing outstanding service to businesses and individuals through the range of financial products we offer.
"Underpinned by our continued access to funding in financial markets reflecting our reputation and portfolio quality, the business has remained well capitalised throughout the pandemic and gained market share, outperforming competitors in key industry sectors.
"Amid the backdrop of heightened uncertainty, we have continued to invest in our business and our people; during the past year, we've implemented technological improvements to drive operational efficiencies as well as providing funding to support sustainable energy projects addressing climate change.
"The business experienced significant increased demand for communication and support from our customers over the past 12 months. In turn, we've increased our headcount and did not participate in furlough programmes during the Covid-19 crisis."
