28 October
2020
REDDE NORTHGATE
PLC
(“Group”)
AGM Statement
Redde Northgate plc (LSE:REDD), the leading integrated mobility
solutions platform, will hold its Annual General Meeting at
10.30am 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
In the first five months of FY2021 the Group has seen sequential
monthly improvements in trading, with a recovery in VOH to slightly
above pre-COVID levels, strong used vehicle prices and disposal
profits, but slower recovery than expected in Redde volumes due to
several factors including local and regional lockdowns.
Absent a deeper or more prolonged impact of COVID-19 than
currently expected, the Board is comfortable with the consensus of
FY2021 analyst forecasts that have been updated since April 2020.
Dividend
Shareholders are being asked today to approve a final dividend
of 6.8 pence per share, which will be
paid on 3 November 2020, to those
shareholders on the register at close of business on 25 September 2020. This dividend, if approved,
will result in a total ordinary dividend payable in respect of the
year ended 30 April 2020 of
13.1 pence per share.
Interim results
The Group will announce its interim results for the six months
ended 31 October 2020 in early
December 2020.
Merger Integration
Notwithstanding the continued COVID environment, the integration
plan continues to perform well against the increased targets
announced in our preliminary results on 16
September 2020 and the launch of our new incident and
accident service into the Northgate customer base is well advanced.
Our stated strategy to deliver increased products and services
through an integrated mobility service platform is gaining good
traction and we are progressing the integration of the business and
assets purchased from Nationwide Accident Repair Services which
will now trade as FMG Repair Services.
For further information contact:
Buchanan
David Rydell/Jamie Hooper/Tilly
Abraham
+44 (0) 207 466 5000
Notes to Editors:
Redde Northgate plc is a leading integrated mobility solutions
platform formed in February 2020
following the all-share Merger of light commercial hire business
Northgate plc and Redde plc, the provider of incident and accident
management, legal and other mobility-related services.
The Group provides mobility solutions and automotive services to
a wide range of businesses and customers spanning the vehicle life
cycle across vehicle supply, service, maintenance, repair,
recovery, accident and incident management and disposal through
sale or salvage.
With an extensive network and diversified fleet of over 110,000
owned vehicles and over 400,000 managed vehicles in more than 100
branches across the UK, Ireland
and Spain, the Group aims to
utilise its scale, reach and comprehensive suite of integrated
services to offer a market-leading customer proposition and drive
enhanced returns for shareholders.
Further information regarding Redde Northgate plc can be found
on the company’s website:
www.reddenorthgate.co.uk