Redde Northgate Plc - AGM Statement

PR Newswire

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