Financial figures show strong growth and bright future for AAG

Asset Alliance Group’s continuing growth and ambitious expansion plans are highlighted in the year-end accounts published by owners Arbuthnot Latham.

Asset Alliance Group Holdings Limited and its subsidiaries posted a record turnover of £100 million in the year to December 31, 2022. Among the headline figures: income from the contract hire, leasing, finance and rental side of the business contributed £54m and income from vehicle sales increased to over £44m.

The accounts reveal our record level of investment in new assets. Origination of new business soared by 198% to £116m thanks to significant funding support from Arbuthnot Latham, coupled with an improvement in the supply chain. This allowed us to refresh and grow our fleet, reducing the level of spend on maintaining vehicles.

Residual values continued to perform well, with strong demand for high quality, used vehicles, which has resulted in strong margins within our sales division.

Asset Alliance Group CEO Willie Paterson says: “These figures clearly demonstrate how we have bounced back strongly from a challenging few years. Crucially, they show how we are continuing to invest heavily in our future to help us achieve our vision of being recognised as the leading specialist asset finance provider in the UK.

“Fleet growth has been static in recent years for obvious reasons but 2023 will see expansion and a leap in income and profit. We are mindful of the fluctuating economic climate and continue to work closely with manufacturers to secure the reliable and timely delivery of assets. With over £175m of new funding expected in 2023, this will spur continued growth in our loan book and a rise in profitability.”

Paterson adds: “Our Vendor Finance programme is delivering on its promise and new truck procurement and leasing contracts are in full flow with over 1,000 scheduled for delivery this year.

“Elsewhere in the business, our used fleet sales team is performing well, now that it is fully transitioned away from older high mileage assets with access to the freshest ex-fleet stock in the UK market and a new dedicated depot and modern office in Trafford Park, Manchester.”

He concludes: “Our business is secure and our reputation is strong. Of course, this ongoing expansion wouldn’t be possible without our brilliant employees, who frequently go above and beyond in their work. We are enormously grateful for their continued commitment to working in our business and helping us grow.”