30th Oct 2019 10:52
(Alliance News) - Redde PLC said Wednesday its trading in the first quarter was in line with management expectations.
The statement was made at the company's annual general meeting.
Redde provides mobility, incident management, credit hires, and legal services for motorists and insurers. Credit hires involves providing replacement vehicles while cars are repaired.
At the beginning of September, the firm posted a GBP41.7 million pretax profit for its year ended June 30, 7.5% above its GBP38.8 million profit the year before.
Revenue climbed 12% to GBP589.7 million from GBP527.0 million, which Redde said reflected 9.4% sales growth among credit hires, as well as a 5.2% rise in total repairs. This was also attributed to "higher activity within the group's fleet and incident management businesses".
Shares in Redde were 1.78% higher in London on Wednesday at 113.80 pence each.
By Paul McGowan; [email protected]
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