General Meeting & FY24 pre-close trading statement
15/05/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240515:nRSO4422Oa&default-theme=true
RNS Number : 4422O Redde Northgate PLC 15 May 2024
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. (http://www.reddenorthgate.com/)
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
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
. END TSTEAPSLFAELEFA