3rd Jul 2014 09:16
LONDON (Alliance News) - Redde PLC Thursday said its operating result before any exceptional costs for the financial year just ended is likely to be above the upper end of market expectations after the strong trading it had reported for the first nine months of the year continued in the final quarter.
In a statement, the financial services firm said cash generation has continued to be positive and debtor days within its historical Helphire operations are at a new record low, having been reduced to 122 days at May 31. Including the NewLaw group of companies, the combined statutory debtor days were 112 days at the end of May based upon the past 12 months turnover of the combined group.
"Further reductions are expected as the effects of our protocol agreements with insurers extend further through our business," it said.
The company's last financial year ended June 30.
It said net cash balances, net of fleet financing, were about GBP37.9 million at the end of May, up from GBP33.0 million at the end of March.
Redde shares were up 5.6% at 62.8 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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