TIDMREDD
RNS Number : 7037A
Redde Northgate PLC
27 September 2022
REDDE NORTHGATE PLC
("Redde Northgate" or the "Group" or the "Company")
27 September 2022
AGM Statement
Encouraging start to FY2023
Redde Northgate plc (LSE:REDD), the leading integrated mobility
solutions platform providing services across the vehicle lifecycle,
will hold its Annual General Meeting at 10.30 a.m. today at the
offices of Bryan Cave Leighton Paisner LLP, Governor's House, 5
Laurence Pountney Hill, London, EC4R 0BR.
At the meeting the following statement will be made:
Current Trading
Following the encouraging start to the year, as previously
announced, the Group has continued to trade well. As expected the
UK&I market for new van supply remains tight, while new car
availability is showing early signs of improvement. In Spain, new
van supply is performing better than anticipated and the ongoing
levels of new fleet are supporting growth. Residual values are
softening gradually in line with expectations, but remain
significantly above historic levels. Margin levels have remained
strong, with inflationary pressures being actively managed.
Claims and Services, supported mainly in Redde, have seen a
strong rebound post-Covid with little impact on traffic activity
seen from fuel pricing or recessionary fears. The car fleet
continues to grow to support the wide range of services offered by
the business with the previously announced contract wins reaching
implementation in the current year.
Since the year-end we have completed the acquisition of
Blakedale, a leading UK supplier of specialist traffic management
vehicles to highways infrastructure build and maintenance operators
, which adds over 330 vehicles to the fleet and brings further
capabilities and cross-sell opportunities into the Northgate
UK&I customer base.
Whilst mindful of economic uncertainty, the Board remains
confident that it has the right strategy to deliver long term
sustainable value. The Group is supported by its enhanced mobility
solutions platform, the structural growth in outsourcing, a diverse
revenue stream and a broad spread of customers providing the
business with quality, repeatable long-term contract-backed
earnings.
Shareholder returns
On 10 August, the Company announced an extension of the Share
Buyback Programme by a further GBP30 million, up to a maximum
aggregate consideration of GBP60 million. As at close of business
on 26 September 2022, we had purchased approximately 10.9m ordinary
shares at a total consideration of c.GBP39.5 million. Leverage
remains well within our stated aim of 1-2x, supported by our
refinancing in October 2021 with debt maturities extended up to 10
years.
Shareholders are being asked today to approve a final dividend
of 15.0 pence per share, which will be paid on 30 September 2022,
to those shareholders on the register at close of business on 2
September 2022. This dividend, if approved, will result in a total
ordinary dividend payable in respect of the year ended 30 April
2022 of 21.0 pence per share.
Interim results and Sustainability Report
The Group's next scheduled trading update will be its interim
results for the six months ended 31 October 2022 expected on 7
December 2022.
On 1 September, the Group published its inaugural Sustainability
Report, which represents an important milestone and our commitment
to share our efforts, aims and ambitions in running a responsible
business.
https://reddenorthgate.co.uk/media/2929/rn-sustainability-report-fy-2022.pdf
-Ends-
For further information contact:
Ross Hawley, Head of Investor Relations +44 (0) 204 566 7090
Buchanan
David Rydell/Jamie Hooper/Hannah Ratcliff/ Verity Parker +44 (0)
207 466 5000
Notes to Editors:
Redde Northgate is the leading integrated mobility solutions
platform providing services across the vehicle lifecycle. The
Company offers integrated mobility solutions to businesses, fleet
operators, insurers, OEMs and other customers across the following
key areas: vehicle rental, vehicle data, accident management,
vehicle repairs, fleet management, service and maintenance, vehicle
ancillary services and vehicle sales.
The Company's core purpose is to keep its customers mobile,
whether through meeting their regular mobility needs or by
servicing and supporting them when unforeseen events occur. With
its considerable scale and reach, Redde Northgate's mission is to
offer a market-leading customer proposition and drive enhanced
returns for shareholders by creating value through sustainable
compounding growth. The Group aims to achieve this through the
delivery of its strategic framework of Focus, Drive and
Broaden.
Redde Northgate services its customers through a network and
diversified fleet of over 126,000 owned and leased vehicles,
supporting over 600,000 managed vehicles, with around 175 branches
across the UK, Ireland and Spain and a specialist team of over
6,700 employees.
Further information regarding Redde Northgate plc can be found
on the Company's website:
www.reddenorthgate.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGMSEMFMMEESEIU
(END) Dow Jones Newswires
September 27, 2022 02:00 ET (06:00 GMT)
Redde Northgate (LSE:NTG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Redde Northgate (LSE:NTG)
Historical Stock Chart
From Jul 2023 to Jul 2024