25th Feb 2016 10:08
LONDON (Alliance News) - Redde PLC, which provides accident management and legal services, on Thursday said it has had a strong start to the second half of its financial year, after reporting higher profit in the first.
Pretax profit rose to GBP16.0 million in the six months ended December 31, from GBP11.0 million the corresponding half the prior year, as revenue grew to GBP165.2 million from GBP122.0 million and administrative expenses rose to GBP30.7 million from GBP27.2 million.
Sales in Redde's accident management businesses grew by 29%, with 8.8% like for like growth in the number of credit hires and a doubling in repairs undertaken against the corresponding period last year. Revenue included GBP14.9 million from the FMG group of companies, which was acquired in October.
The company lifted its interim dividend to 4.50 pence from 4.00p.
"The start of the second half has been strong and we continue to see new growth opportunities from within our markets. The group is increasingly being seen as a leading partner of choice within our industry. Our protocol arrangements with insurers, which deliver early payments without frictional cost, have continued to grow and release value. We have extended our service offering with existing insurer partners during the year and the outlook for the full financial year is positive," Chief Executive Martin Ward said.
Shares in Redde were up 4.6% at 190.28p Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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