LeasePlan has reported its Q1 results, which saw a fall in net result and underlying net result as the firm continues to invest in digital initiatives.

Tex Gunning, LeasePlan’s CEO, said the firm would continue to invest in CarNext.com and the Digital LeasePlan programme

The figures show that the net result of €132m was down 1.0% on the figure of €133.3m for Q1 of 2018 while underlying net result was down 7.1% to €149.6m due to long-term strategic investments in the Digital and CarNext.com of €16.8m.

The serviced fleet continued its global growth with a 3.1% rise to 1.8 million vehicles – this compares to growth of 4.4% in Q4 2018, 6.8% in Q3 2018, 6.7% in Q2 and 6.6% in Q1.

Underlying gross profit on Lease & Additional Services (CaaS) was up 4% to €390.8m while underlying gross profit on disposal of vehicles and end of contract fees fell 25% from €25.2m to €18.8m as a result of a €10.8m fall in vehicle disposals.

CarNext.com B2C volumes were up 40% to 14,700 vehicles in Q1, supported by a new store opening, and Used Car as a Service (UCaaS) contracts were up 22%. The firm also reported solid growth in its Repair & Maintenance Services and Damage & Insurance services.

The first quarter also saw LeasePlan issue its first-ever Green Bond, which will be used grow its electric vehicle fleet.

Tex Gunning, CEO of LeasePlan, said: “The high level of demand for the bond was a clear indication of support from European investors for our sustainability strategy and will help us accelerate the transition to zero emission mobility.”

Gunning added: “Going forward, we will continue to invest in CarNext.com in order to accelerate its growth. We will also continue to invest in our Digital LeasePlan program, through which we are bringing LeasePlan firmly into the digital world.”