15 May 2024
REDDE NORTHGATE PLC
("Redde Northgate"
or the "Group" or the "Company")
General Meeting to approve
the name change to ZIGUP plc
and 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