15 May 2024 07:00
15 May 2024
REDDE NORTHGATE PLC
("Redde Northgate" or the "Group" or the "Company")
General Meeting to approve the name change to ZIGUP plcand FY24 pre-close trading statement
Redde Northgate's general meeting (the "General Meeting") to approve a proposed company name change to ZIGUP plc will take place at 09.00 a.m. today at the offices of Bryan Cave Leighton Paisner LLP, Governor's House, 5 Laurence Pountney Hill, London, EC4R 0BR.
As set out in the shareholder letter of 26 April, the new corporate name will allow the business to better reflect the strength and depth of an enlarged group of businesses undertaking various forms of integrated mobility.
The new brand and company name are allied to a refreshed strategic framework under the new pillars of Enable, Deliver and Grow, and a recent UK&I-focused management reorganisation, as we embrace the changing environment in which we and our customers operate. Together these reflect the strength and breadth of our current proposition as an enlarged group of businesses, our continued focus on growth, and commitment to being a leading provider of integrated mobility solutions.
The Board believes that a more modern brand and name reflecting these changes will also help shift the narrative with all our stakeholders towards the Group's strategic direction of travel. This is aligned to our updated purpose, 'to keep customers moving, smarter'.
If approved today, the roll-out of the new brand will commence on 20 May 2024 with legal registration of the name change by the UK Companies Registry expected to occur no later than 25 May 2024; at that time the TIDM for the London Stock Exchange will change to ZIG. There will be no change to our well-recognised operational brands, which have meaningful market profiles in their specialist areas.
At the meeting the following statement will be made regarding FY24 trading:
'The business finished FY24 positively, continuing the trends we saw at the half year and with vehicle supply continuing to improve. Our Spanish business continues to enjoy strong market conditions and our recent UK&I re-organisation is helping us to deliver an increasingly seamless service to customers. As a result of the continued momentum in the business, we would expect to report full year results in early July towards the upper end of the consensus range.
Year-end net debt is forecast to be around £740m, which would equate to leverage of 1.5x, in line with the prior year. We are on track to complete our third £30m share buy-back programme by July, and at the end of April 7.1 million shares had been repurchased for a consideration of £24.8m.'
Further information on the new strategic pillars, company name, brand and consensus range are available on our website.
This announcement is made in accordance with DTR 6.3.5R(1A).
For further information contact:
Ross Hawley, Head of Investor Relations Telephone: 0204 566 7090
Redde Northgate plc
LEI: 213800B3ZUTDOZYVJB41