REG - ZIGUP PLC - AGM Statement

ZIGUPAnnouncement

24/09/2024 09:15

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RNS Number : 4196F  ZIGUP PLC  24 September 2024

ZIGUP plc

("ZIGUP" or the "Group" or the "Company")

24 September 2024

AGM Statement

New vehicle supply greatly improved, outlook unchanged

ZIGUP plc (LSE:ZIG), the leading integrated mobility solutions platform
providing services across the vehicle lifecycle, will hold its Annual General
Meeting at 10.30 a.m. 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:

With new vehicle supply greatly improved in recent months we are progressing
well with our plans for both fleet replacement and satisfying healthy demand
for LCVs, resulting in continued de-ageing of our fleets across our
geographies. As expected, used markets are seeing normalising LCV residual
values as older vehicles are replaced.

Greater opportunities in supply will result in higher fleet capex this year
which, as highlighted in July, is aligned with our plans and business model of
delivering profitable growth, attractive cash generation and strong returns on
investment well above the Group's cost of capital. Leverage remains in line
with our target range of 1-2x, and our balance sheet is further supported by
£1.4bn of fleet assets.

Our broader macro environments remain supportive, with supply chains
normalising and inflation starting to ease, which is reducing both customer
vehicle repair and replacement hire timeframes.

We are focused on progressing with our strategic pillars of Enable, Deliver,
Grow, investing in infrastructure capacity including opening two new locations
in Spain and the UK&I alongside technology infrastructure as part of our
continuous programme to deliver an excellent customer experience.

The Board remains confident of the Group's long term growth strategy and
prospects and our outlook for the year remains unchanged.

Spanish CME

Our Spanish rental business is being showcased at a Capital Markets Event
taking place in Madrid on Thursday 26 September, where the market outlook
remains very attractive.

Shareholder returns
Shareholders are being asked today to approve a final dividend of 17.5
pence per share, which will be paid on 27 September 2024, to those
shareholders who were on the register at close of business on 30 August 2024.
This dividend, if approved, will result in a total ordinary dividend payable
in respect of the year ended 30 April 2024 of 25.8 pence per share.

Interim results and Sustainability Report

The Group's next scheduled trading update will be its interim results for the
six months ended 31 October 2024 expected on 4 December 2024.  The Group
has also recently published its Sustainability Progress Report, which sets out
our progress over the past year, our reporting framework and commitments,
together with progress made in the year and plans for FY 2025.

 

-Ends-

 

For further information contact:

Ross Hawley, Head of Investor Relations
 
                                +44 (0) 204 566
7090

Buchanan

Chris Lane/Jamie Hooper/ Verity Parker
 
                  +44 (0) 207 466 5000

Notes to Editors:

 

Notes to Editors:

ZIGUP is the leading integrated mobility solutions provider, with a platform
providing services across the vehicle lifecycle to help people keep on the
move, smarter. The Group offers mobility solutions to businesses, fleet
operators, insurers, OEMs and other customers across a broad range of areas
from vehicle rental and fleet management to accident management, vehicle
repairs, service and maintenance.

The mobility landscape is changing, becoming ever more connected and ZIGUP
uses its knowledge and expertise to guide customers through the
transformation, whether that is more digitally connected solutions or
supporting the transition to lower carbon mobility through providing EVs,
charging solutions and consultancy.

The Group's core purpose is to keep its customers mobile, smarter - through
meeting their regular mobility needs or by servicing and supporting them when
unforeseen events occur. With our considerable scale and reach, ZIGUP's
mission is to offer an imaginative, market-leading customer proposition and
drive enhanced returns for shareholders by creating value through sustainable
compounding growth. The Group seeks to achieve this through the delivery of
its new strategic framework of Enable, Deliver and Grow.

ZIGUP supports its customers through a network and diversified fleet of
approximately 130,000 owned and leased vehicles, supporting over 900,000
managed vehicles, with over 180 branches across the UK, Ireland and Spain and
a specialist team of over 7,500 employees. We are a trusted partner to many of
the leading insurance and leasing companies, blue chip corporates and a broad
range of businesses across a diverse range of sectors. Our strength comes not
only from our breadth of our award-winning solutions, but from our extensive
network reach, our wealth of experience and continual focus on delivering an
exceptional customer experience. Further information regarding ZIGUP plc can
be found on the Company's website: www.zigup.com (http://www.zigup.com) .

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