Zigup has posted a 15.8% jump in pre-tax profit to £65m in its H1 results covering the six months to 31 October.

The vehicle rental provider is now expecting its full-year profit expectations to be at the top end of its previously announced £150–155m guidance.

Zigup, which is headquartered in Darlington and operates across the UK, Ireland and Spain, also reported a 2.9% rise in H1 revenue to £929.6m, after stating its business in Spain in particular had delivered a “standout performance” with 16.3% revenue growth.

The FTSE 250 company, which also enjoyed a 14% jump in its share price following the release of its results, revealed it had grown its fleet of vehicles to a total of 135,000, up from 132,500 at the end of the last financial year.

In its UK&I business, Zigup has also detailed plans for a cost savings programme which it estimated will result in around £20m of incremental annualised savings.

“It has been a great start to the year for our rental businesses with Spain delivering a standout performance and UK&I rental showing good momentum with recent fleet wins and expansion of our specialist fleet,” Zigup CEO, Martin Ward, commented.

“With our operational and strategic initiatives delivering positive results in the period and Spanish market strength, we now expect our full year underlying profit before tax to be at least at the top of the £150-155m range of analysts’ expectations.

“With market leading positions, an increasingly efficient operating model, and robust balance sheet, we are well-positioned to capitalise on emerging opportunities across the mobility services market.”

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