FleetPartners Group (ASX: $FPR) 1H24 Performance Highlights

FleetPartners Group Limited (FleetPartners) (ASX: $FPR) has reported a robust performance for the first half of the 2024 financial year. The company's 1H24 results showcased a significant 39% growth in New Business Writings (NBW) and a 10% growth in Asset Under Management on Funding (AUMOF) compared to the prior corresponding period. FleetPartners' ongoing focus on strategic pathways has driven strong growth across Corporate, Small Fleets, and Novated segments, underpinning its defensive business model with recurring, annuity-like income. The company's commitment to delivering shareholder returns is evident through the announcement of a $27 million share buy-back for 2H24, representing 65% of 1H24 NPATA.

Executive Commentary on 1H24 Performance

Damien Berrell, Chief Executive Officer and Managing Director of FleetPartners, highlighted the company's strong performance in 1H24. He emphasized the success of the Strategic Pathways in driving growth across the Corporate, Small Fleets, and Novated segments. Berrell also noted the ongoing business transformation project, 'Accelerate,' making good progress and the announcement of a $27 million share buy-back for 2H24, representing 65% of 1H24 NPATA. The company's focus on creating shareholder value through three distinct, well-established drivers for EPS growth and its commitment to technology-led strategies and customer service excellence were also underscored.

Outlook and Corporate Strategy

Looking ahead, FleetPartners anticipates the continuation of strong customer demand across Fleet Australia and Novated segments, while Fleet New Zealand is expected to soften. The transition to Electric Vehicles (EVs) remains a key industry focus, presenting significant opportunities for Fleet Management Organizations (FMOs). The company's strategic priorities include driving growth with Strategic Pathways, focusing on service excellence, digital origination platforms, and frictionless customer experiences. FleetPartners remains committed to ESG and sustainability as central elements of its strategy and values. The company's strong balance sheet, disciplined capital management, and ongoing capital return to shareholders further reinforce its outlook for the future.