AGM Statement and Dividend

REDDE PLC - AGM Statement and Dividend

PR Newswire

London, October 25

• News Release •

Issue Date: 26 October 2016

Redde plc('Group’)

AGM Statement and Dividend

At today’s AGM, Avril Palmer-Baunack, chairman of Redde plc will be making the following statement regarding dividends and by way of an update on current trading of the business in respect of the period from 1 July to 26 October 2016. Unless otherwise stated, the financial and operational data, where identified, relates to the 3 month period that ended on 30 September 2016.

Dividends

Shareholders are being asked today to approve a final dividend of 5.15 pence per share, amounting to £14.9m which, if approved, will be paid on Thursday 3 November 2016 to those shareholders who were on the register at the close of business on Friday 7 October 2016. This dividend, if approved, will result in total Ordinary Dividends in respect of the year ended 30 June 2016 amounting to 9.65 pence per share and £28.0m in aggregate.

Current Trading

The positive start to the new financial year, which I described in my statement of 31 August 2016, has continued since that date. Sales show an increase over the corresponding period last year reflecting both stronger trading volumes and the effect of the acquisition of FMG on 27 October 2015 last year. As a consequence, trading profits are ahead of our expectations and the corresponding period last year. Early indications are that this trend has continued during October and, with new, additional contracts now in a start up phase, the Board remains confident about the Group’s prospects for the financial year as a whole. The Group is also seeing an increasing level of new business opportunities and continues to be well placed to take advantage of these opportunities to further grow revenue and profits.

Cash generation has continued to be positive and total cash balances were £46.1m at 30 September 2016 compared to £34.6m at 30 June 2016. Fleet financing debt was £40.5m at 30 September 2016 compared to £39.6m at 30 June 2016.

**Ends**

Notes for Editors:

About Redde plc:

Founded in 1992 and working predominantly with insurance companies, insurance brokers, prestige motor dealerships, and large national fleet owners the Group provides a range of accident management, incident management and legal services.

The Group is one of the market leaders in its fields of business; it delivers accident management solutions to motorists ensuring that they remain mobile until their own vehicles are repaired or until they are put in a position to obtain a replacement and it provides legal services ensuring that they are properly compensated for their injuries and losses. Legal services also include wills and probate, family law and employment law advice.

The name Redde is associated, in Latin, with the concept of restoration.