Interim Results

• News Release •

Redde plc

("Redde" or "Group")

Issue Date: 25 February 2016

Interim Results for the six months ended 31 December 2015

Continued Growth

Financial headlines

· Turnover £165.2m (2014: £122.0m) - Increase of 35%

· Adjusted* EBIT of £17.1m (2014: £11.2m) - Increase of 53%

· Adjusted* profit before tax of £17.3m (2014: £11.5m) - Increase of 51%

· Net operating cash flow to EBITDA 91% (2014: 114%)

· Debtor days 95 days (2014: 108 days)

· Total cash balances £31.6m (2014: £22.2m adjusted for £41.0m cash spent on acquisition)

· Net debt of £9.1m (2014: £2.9m adjusted for £41.0m cash spent on acquisition)

· Adjusted* basic EPS 4.89 pence (2014: 4.30 pence) - Increase of 13.7%

· Statutory basic EPS 4.49 pence (2014: 4.14 pence) - Increase of 8.45%

· Interim dividend 4.50 pence (2014: 4.00 pence) - Increase of 12.5%

Operational headlines

· 8.8% like for like growth in number of credit hire cases

· Total number of hire days increased by 16.4%

· 101.7% increase in number of all repair cases (including FMG)

· Revenue generating fleet utilisation increased to 82.5% (2014: 81.0%)

· Increase in number of contracts and range of services

· FMG acquisition performing to expectations and integration underway

* Adjusted measures exclude the impact of the items described as exceptional and the amortisation of intangibles in Note 5 of the Interim Report and Accounts.

Commenting on the Group's results and prospects, Martin Ward, Chief Executive Officer said:

"The Group has again delivered significant growth in revenue, earnings and dividend. 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."

Notes for editors

About Redde plc:

Founded in 1992 and working predominantly with insurance companies, insurance brokers and prestige motor dealerships, the Group provides a range of accident management and legal services. The Group also deals directly with large national fleets providing incident management and mobility continuity and the Group's activities also encompass a range of legal services designed to assist claimant parties in partnership with leading insurance companies, brokers and other bodies.

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.

Chairman's Statement

I am pleased to be able to report to shareholders that the Group achieved an adjusted profit before taxation for the six months to 31 December 2015 of £17.3 million compared to £11.5 million in the corresponding period last year; an increase of 51%.

Results

Revenues were £165.2m (2014: £122.0m), an increase of £43.2m (35.4%). Sales growth in our accident management businesses was 28.5% reflecting a 8.8% Like For Like ("LFL") growth in the number of credit hires and a 101.7% increase in the total number of repairs undertaken against the corresponding period last year. Revenues include an amount of £14.9m in respect of the FMG group of companies ("FMG") which was acquired on 27 October 2015.

The adjusted earnings before interest and taxation ("EBIT") for the period were £17.1m (2014: £11.2m) which includes an amount of £1.0m in respect of FMG. Adjusted operating margin was 10.0% (2014: 9.1%) with operating margin in our accident management businesses improving from 7.1% to 9.7%, reflecting the increased sales mentioned above and associated contribution as well as changes in the mix of business handled, improvements in our supply chain and a close control of costs.

There was a net adjusted interest credit in the period of £0.2m (2014: £0.2m).

Adjusted profit before tax for the period was therefore £17.3m, an increase of 50.8% over the £11.5m achieved in the corresponding period last year.

A charge of £0.4m in respect of amortisation of intangible assets (acquired by virtue of the purchase of FMG), was incurred. In addition there was a pre-tax exceptional net charge of £0.9m (2014: £0.5m) in the period reflecting a £0.2m cost (2014: £0.3m) recorded under IFRS2 in respect of the charge under share based payments on incentive share schemes and a charge of £0.1m (2014: £0.2m) in respect of the unwind of discount charges on certain provisions. In addition, acquisition costs of £0.6m were incurred and charged as an expense as required by IFRS2.

After the amortisation of intangible assets and exceptional items above, statutory profit before tax was £16.0m (2014: £11.0m) an increase of 45.8%. There was a net tax charge of £3.1m. In 2014 there was a net credit of £0.6m principally in respect of the further recognition of a deferred tax asset relating to prior years' losses and unused allowances. The statutory profit after tax is £13.0m (2014: £11.6m).

Earnings Per Share

Statutory basic EPS is 4.49p (2014: 4.14p). Statutory diluted EPS is 4.31p (2014: 3.84p).

The adjusted EPS is 4.89p (2014: 4.30p). The adjusted diluted EPS is 4.70p (2014: 3.99p).

The adjusted figures exclude the impact of the amortisation of intangible assets and those items described as exceptional (Note 5).

Dividends

The Board has pleasure in declaring an interim dividend of 4.50 pence per share payable on 24 March 2016 to those shareholders on the register on 04 March 2016 (2014: 4.00 pence). The ex-dividend date is 03 March 2016.

Outlook

The second half of the year has already started well with volumes maintaining the rate of growth seen in the first half whilst the planned integration of FMG with the rest of our business is showing good progress. The impact of strategic acquisitions, along with continued delivery of organic growth and the benefits of further improvements in operational efficiency from our GPS strategy, give the Board great encouragement for the future.

Our people

Our people have been instrumental in winning and integrating new business during the period whilst at the same time maintaining the high standards of customer service for which the Group is increasingly known. Once again we thank our employees for their support, hard work and dedication during the year and say to them "well done".

Avril Palmer-Baunack

Chairman

24 February 2016

Operational and Financial Review

Operational review

The Group has remained focussed on the pursuit of sustainable, profitable, cash generative business and the acquisition of businesses that meet this criteria and provide cross fertilisation of business opportunities within the sectors in which the Group operates.

The period has therefore seen the Group expand into new but complementary markets with the acquisition in October 2015 of FMG, which has added related but diversified revenue streams. The potential to grow and develop more vehicle incident and accident management services to both business and insurance customers supports the Group's position as a leader in vehicle mobility, rapid roadside recovery, repair, legal and other support services. This broader reach enables the Group to expand its proposals to existing as well as new customers so the opportunity exists for further organic growth.

The majority of the Group's non-fault accident management operations are now subject to bilateral protocol arrangements and this has contributed to the reduction in debtor days seen over recent periods. Agreeing protocol arrangements with insurers is an effective way to help them reduce their combined operating ratio which is a key performance measure for them. As a direct consequence of this successful business model, the proportion of business conducted purely within the GTA process reduced significantly and therefore the Group took the decision to withdraw from the ABI GTA with effect from 15 August 2015. Since then, and since we last reported, there has been an increase in the number of insurers wishing to explore entering into bilateral protocol arrangements with the Group and a number of new protocol agreements have been concluded.

The Group has increased its focus on providing a complete customer journey during the period and as a result the Group's delivery of outstanding customer service was recognised at the prestigious North East Contact Centre Awards 2015 where, against strong competition and a formidable shortlist including Axa Insurance, Virgin Money and Virgin Media, it won the Customer Experience Champion Award.

The Group is increasingly a leading partner of choice within our industry. This is due in large part to the improvements achieved in both operational efficiency and the customer journey experienced whilst using the Group's services as well as the Group's use of telematics and web-based portals accessible by our partners and our customers. This has led to a number of benefits for the Group in the period; it secured new hire and repair contracts; it extended the scope of existing hire and repair contracts; there was increased interest from potential new partners and additionally existing partners wanted to explore expanding the existing services the Group already supplies to them so as to provide them with a complete mobility solution.

The Group strategy of Growth, Profit and Sustainability has been instrumental in helping to maintain focus as we develop the Group. The Group is particularly focussed on sustainability and how to adapt and develop its services by thinking ahead on how the market will shape, and planning to meet its Partners' future requirements without losing sight of the growing near-term demand for its services. The Group continues to build its market penetration and presence within its distribution channels as well as seeking new relationships based on emerging technologies.

Vehicle fleet

The Group continues to operate highly effective fleet services through a hybrid solution of ownership, contract hire and, during peak periods, cross-hiring from daily rental companies. This combination gives the Group flexibility to dispose of excess fleet in the lower volume summer months or in the event of a downturn and to maximise fleet, without incurring ownership costs, in short peak periods.

Our efforts to balance the mix of the fleet to meet changes in the mix of demand and a 16.4% increase in total hire days were assisted by attractive funding and procurement programmes. The average number of vehicles held during the period was increased by 11.8% from 5,750 for the six months ending 31 December 2014 to 6,426 for the six months to 31 December 2015. The average age of the fleet has at the same time been maintained at between 9 and 12 months across a broad spread of manufacturers and models. Fleet utilisation was therefore maintained above our 80% target and supply and operational efficiencies enabled this to be increased to 82.5% which compares to 81.0% for the same period last year. Our fleet comprised 7,263 vehicles at 31 December 2015 compared to 6,421 at 31 December 2014 and 6,041 at 30 June 2015.

Legal Services

NewLaw has continued to build its range of services and pursue the additional opportunities available to it as the Group expands its reach into the marketplace. During the period to date NewLaw has been successful in pursuing applications to set up further ABS structures with additional Partners. The most recent of these is in partnership with The Royal College of Nursing which will be effective from 1 April 2016. This is in addition to the ABS arrangements entered into with the British Medical Association shortly before the last year end. NewLaw continues to pursue other opportunities for partnerships with insurers and other related brands via ABS structures. Following the acquisition of FMG, one of NewLaw's ABS structures, namely FMG Legal LLP, has become 100% controlled by the Group.

Principia Law, our other legal services business, has continued to build its business making an increased contribution to the Group as well as attracting new corporate clients whilst also continuing to provide the Group with expertise in relation to credit hire recoveries, particularly those cases requiring more specialist attention.

Acquisitions

On 27 October 2015 in support of its strategy of widening its range of services, the Group completed the acquisition of FMG, a leading fleet accident management group. The results for the period to 31 December 2015 include turnover of £14.9m and an EBIT of £1.0m for the period since acquisition.

FMG was acquired for a consideration of £22.5 million and the settlement of loan notes of £23.5m at completion. The consideration for the acquisition of all the shares and other vendor interests in FMG was accordingly £46.0 million and comprised a number of elements, the effect of which was the payment at completion of approximately £41.0 million in cash and the issue of 3,048,220 new Redde shares with a total value of £5.0 million.

The new Redde Shares do not have any entitlement to any dividends with a record date during the 12 months following completion including the interim dividend for the year ended 30 June 2016 that has been announced today. The new Redde Shares will be subject to a 24 month lock in (subject to the customary exemptions) followed by an orderly market arrangement.

Plans for the consequential integration of our existing fleet and accident management business (Total Accident Management) with FMG is well advanced. We expect this process to be completed by the year end with the associated benefits of the integration to be more fully reflected in the next financial year.

Financial review

Certain items have been reported and disclosed as exceptional on the face of the Income Statement and these items are commented on separately as appropriate in this Financial Review. The Income Statement captions excluding these exceptional items more properly reflect the comparable operating performance of the business and for ease of reference are referred to as 'adjusted'.

For the six months ended 31 December 2015, the Group recorded an adjusted EBIT of £17.1m (2014: £11.2m), an adjusted profit before tax of £17.3m (2014: £11.5m) and a statutory profit before tax of £16.0m (2014: £11.0m).

A summary of the key performance indicators is set out in the table below.

* Adjusted measures exclude the impact of the amortisation of intangibles and the items described as exceptional in Note 5.

Revenues

Revenues were £165.2m (2014: £122.0m), an increase of £43.2m (35.4%). Revenues include an amount of £14.9m in respect of the FMG which was acquired on 27 October 2015. Excluding FMG like for like revenue growth in our accident management business was 28.5% which includes a 24.5% growth in credit hire related revenues and a 32.2% increase in repair related revenues.

The total number of LFL hire cases was 6.3% higher than the corresponding period last year with LFL hires in respect of our core credit hire operations increasing by 8.8% whilst hires in relation to lower margin direct hires reduced by 16.7% reflecting our policy of managed reductions in this short hire and low margin area. There was also a 101.7% increase in the volume of business undertaken for repairs against the corresponding period last year mainly as a result of contract wins including a 26.8% increase in the number of credit repairs. Excluding FMG the increase in the total number of repairs was 58.2%.

Gross profit, adjusted operating profit and adjusted EBIT

Gross profit was £7.9m higher than the corresponding period last year and gross margin was 27.8% (2014: 31.2%) reflecting the increase in the volume of repairs which attract lower margins than hires and also the inclusion of FMG. Excluding FMG, gross margin was 28.3%.

Adjusted operating profit margin was 10.0% (2014: 9.1%) and EBITDA was £20.5m (2014: £14.3m).

Adjusted EBIT for the period was £17.1m (2014: £11.2m) which includes an amount of £1.0m in respect of FMG which was acquired on 27 October 2015. Adjusted EBIT margin was 10.3% (2014: 9.2%) and was 10.7% excluding FMG, reflecting the increased sales mentioned above as well as changes in the mix of business handled, improved returns from our ABS partnerships, improvements in our supply chain and overall overheads being contained to an increase of just 0.5%.

Adjusted EBIT is reconciled to the Income Statement as follows:

Net finance income

There was an adjusted net interest credit in the period of £0.2m (2014: £0.2m). Including exceptional net finance charges in relation to the unwind of discounts held against provisions of £0.1m (2014: £0.1m) the net interest credit for the period was £0.1m (2014:£0.1m).

Adjusted profit before tax

Adjusted profit before tax for the period was £17.3m, an increase of 50.8% over the £11.5m achieved in the corresponding period last year.

Amortisation of Intangibles and Exceptional items

A pre-tax charge of £0.4m in respect of amortisation of intangible assets (deemed to be acquired under the terms of IFRS3) by virtue of the acquisition of FMG was incurred during the period (2014: £nil).

Excluding the above charge of £0.4m in respect of intangibles, a pre-tax exceptional net charge of £0.9m (2014: £0.5m) was recorded in the period. This charge reflects a £0.2m cost (2014: £0.3m) recorded under IFRS2 in respect of the charge under share based payments on incentive share schemes; a charge of £0.1m (2014: £0.2m) in respect of the unwind of discount charges on certain provisions and in addition acquisition costs of £0.6m charged as an expense as required by IFRS2.

Statutory profit before and after taxation

After the amortisation of intangibles and exceptional items, the statutory profit before tax was £16.0m (2014: £11.0m) an increase of 45.8%. There was a net tax charge of £3.1m (2014: credit of £0.6m principally as a result of the further recognition of a deferred tax asset relating to prior years' losses and unused allowances). The statutory profit after tax is £13.0m (2014: £11.6m).

Earnings per share

Statutory basic EPS is 4.49p (2014: 4.14p). Statutory diluted EPS is 4.31p (2014: 3.84p)

The adjusted EPS is 4.89p (2014: 4.30p). The adjusted diluted EPS is 4.70p (2014: 3.99p)

The adjusted figures exclude the impact of amortisation of intangibles and those items described as exceptional

( Note 5).

Dividends

The Board has declared an interim dividend of 4.50 pence per share payable on 24 March 2016 to those shareholders on the register on 04 March 2016 (2014: 4.00 pence). The ex-dividend date is 03 March 2016.

Balance sheet

Statutory debtor days now stand at 95 days (2014: 108 days) and compare to 100 days at 30 June 2015. Revenue generated debtors at 31 December 2015 were £96.9m (including £6.4m in respect of FMG) and compare to £68.4m at 30 June 2015 and £68.5m at 31 December 2014. Excluding FMG these both represent an increase of 32%

Creditors increased to £102.1m (including £19.0m in respect of FMG) compared to £65.0m at 30 June 2015 and £61.3m at 31 December 2014. Excluding FMG these represent increases of 27.8% and 35.6% respectively.

The increase in LFL debtors and creditors are mainly due to the 28.5% increase in LFL revenues in the period under review.

The Group also increased its investment in fleet numbers in response to both seasonality and underlying increased demand and this together with a greater use of HP vehicle leasing finance arrangements which have been available at attractive rates during the period resulted in an increase of £12.6m in the net value of vehicles held as fixed assets under finance leases compared to 30 June 2015.

Net assets at 31 December 2015 were £160.7m (2014: £149.3m).

Net debt, cash and financing

Actual net debt at 31 December 2015 was £9.1m and compares with equivalent net debt of £2.9m at 31 December 2014 and equivalent net debt of £1.4m at 30 June 2015 (the latter two dates adjusted for the £41.0m subsequently expended in relation to the acquisition of FMG). Actual cash balances were £31.6m at 31 December 2014 and compare to equivalent cash balances of £27.6m at 30 June 2015 and £22.2m at 31 December 2014 (the latter two dates again adjusted for the £41.0m subsequently expended in relation to the acquisition of FMG).

As outlined above during the period the total number of vehicles on the fleet was increased to service the much increased volumes of hire days and a greater mix of HP funding verses contract hire was used in financing these vehicles. As a consequence Fleet finance debt was £40.5m at 31 December 2015 an increase of £11.7m compared to £28.8m at 30 June 2015.

The net debt and cash position can be summarised as follows:

Principal risks and uncertainties

Principal risks and uncertainties are detailed in Note 21 to this announcement.

Related party transactions

There were no related party transactions during the period that require disclosure.

Martin Ward Stephen Oakley

Chief Executive Officer Chief Financial Officer

24 February 2016 24 February 2016

The full Interim report will be made available shortly at http://www.redde.com. Printed copies will not be available.

Condensed Consolidated Statement of Comprehensive Income

For the six months ended 31 December 2015

Condensed Consolidated Statement of Changes in Equity

For the six months ended 31 December 2015

Condensed Consolidated Statement of Financial Position

As at 31 December 2015

Company Registration Number: 03120010

Condensed Consolidated Statement of Cash Flows

For the six months ended 31 December 2015

Notes to the Interim Statements

1 Basis of preparation

The condensed consolidated financial statements are prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard ('IAS') 34, 'Interim Financial Reporting'.

The information for the year ended 30 June 2015 does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor's report on these accounts was not qualified and did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not contain statements under Section 498 (2) or (3) of the Companies Act 2006.

The condensed consolidated financial statements have been prepared under the going concern assumption.

The directors have assessed the future funding requirement of the Group and the Company, and have compared them to the levels of available cash and funding resources. The assessment included a review of current financial projections to June 2016. Recognising the potential uncertainties surrounding financial projections in the current economic environment, in particular with regard to the demand for the Group's services and the cash collection profiles from insurers, the directors have considered a number of scenarios and the mitigating actions the Group could take to limit any adverse consequences.

Having undertaken this work, the Directors are of the opinion that the Group has adequate resources to finance its operations for the foreseeable future and accordingly, continue to adopt the going concern basis in preparing the Interim Report.

2 Significant accounting policies

The condensed consolidated financial statements have been prepared under the historical cost convention. The same accounting policies, presentation and methods of computation have been applied in these condensed consolidated financial statements as were applied in the Group's financial statements for the year ended 30 June 2015.

In the application of the Group's accounting policies the Directors are required to make judgements, estimates and assumptions about the carrying value of the assets and liabilities that are not readily apparent from the other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements affecting the Group's interim financial statements are the valuation of the receivables (see Note 3), depreciation of the vehicle fleet (see Note 12), impairment of intangible assets (See note 11) and goodwill impairment (see Note 10).

3 Revenue

As fully disclosed within Note 14 to the consolidated financial statements for the year ended 30 June 2015, the estimation of the expected adjustment arising on the settlement of claims is revised, where necessary, at each balance sheet date to reflect the Group's most recent estimation of amounts ultimately recoverable. Although in principle this is determined by reference to individual cases, in practice the homogenous nature of most claims means that the level of adjustment is calculated by reference to specific categories of claims. Adjustments arising from subsequent revision of the Group's expected adjustment arising on settlement of claims, including amounts received by way of late payment charges, are recorded in revenue in the Income Statement.

4 Business segments

The condensed consolidated financial statements are in respect of the Group's activities solely conducted in the United Kingdom. The activities of the Group are managed by the executive board which is deemed to be the Chief Operating Decision Maker as a single operating platform. The entities within the Group contribute as part of the whole operation of the Group to provide services for the core business. The Board of Redde plc considers the performance of the business by reference to contributions from all activities of the Group as a whole, and reviews requirements of the total Group when determining allocations of resources. IFRS8 requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board in order to allocate resources to the segment and to assess its performance. The Group has identified two operating segments within the main reportable segment. These are aggregated into one reportable segment as permitted under IFRS8 for reporting purposes as the nature of services and their customer base is similar. (See Note 2 to the Annual Report and Accounts for the year to 30 June 2015).

5 Amortisation of Intangibles and Exceptional items

Exceptional items are items which due to their size, incidence or non recurring nature have been classified separately in order to draw them to the attention of the reader of the accounts. These items together with the amortisation of intangible assets have been separately classified in this report in order to, in the opinion of the Board, show more accurately the underlying results of the Group. The aggregate of such items have accordingly been disclosed separately on the face of the consolidated income statement.

Adjusted profit

As discussed in the Operational and Financial Review, in order to provide a comparable view of the underlying performance of the Group, the adjusted profit has been presented in the condensed consolidated income statement. Adjusted profit excludes the impact of amortisation of intangible assets and those items described as exceptional, as discussed in more detail below.

a) Amortisation of acquired intangible assets

The Group recognised the value of customer relationships and acquired software amounting to £22.9m in total (note 11) as a result of the acquisition of FMG (note 18) and these assets are being amortised over 10 and 5 years respectively. The charge for the period amounts to £0.4m (note 11) and the tax effect was a credit of £0.08m.

b) Share based payments

The Group has a number of share incentive schemes. In accordance with IFRS2 the calculated charge in respect of options issued and outstanding amounts to £0.2m for the period (2014: £0.3m). The tax effect of this item is £nil (2014: £nil).

c) Acquisition Costs

During the period costs of £0.6m were incurred in relation to the purchase of certain subsidiaries and have been expensed in accordance with the requirements of IFRS2.

d) Finance costs

The carrying amount of deferred consideration and provisions against properties are included in the balance sheet net of the appropriate discount reflecting the cost of relevant capital or funding. The charge represents the unwinding of this discount during the period.

6 Finance income and finance costs

7 Tax charge

The tax (charge)/credit comprises the following:

The effective rate of the tax charge of 19% (2014: credit of 5.8%) for the period does not significantly differ from the effective standard rate of UK corporation tax charge of 20% (2014: 20.75%).The difference in effective rate compared to 2014 is principally due to the use of prior year tax losses with the resultant reversal of associated deferred tax assets previously set up in this respect.

8 Earnings per ordinary share

The calculation of the basic and diluted earnings per share is based on the following share volume information:

There were 293,284,482 ordinary shares of 0.1p each in issue as at 31 December 2015 (note 17).

9 Dividends

The Board has announced an interim dividend for the year to 30 June 2016 of 4.50 pence per ordinary share and amounting to £13.1m (net of dividends waived by the vendors of FMG) payable on Thursday 24 March 2016 to those shareholders on the register at the close of business on Friday 04 March 2016. The shares will be ex-dividend on Thursday 03 March 2016.

Ordinary share dividends paid in the period to 31 December 2015 can be summarised as follows:

The Directors last reviewed the carrying value of Goodwill on 30 June 2015 and the key elements of this review are contained in Note 11 to the Annual Report and Accounts for the year to 30 June 2015. The Directors have undertaken a further review of the carrying value of Goodwill including that relating to FMG as at 31 December 2015 on substantially the same basis and have concluded that no adjustment is necessary. There was therefore no movement in goodwill impairment in the six months ended 31 December 2015 (2014: £nil).

The allocation of Goodwill to the Group's CGU's is as follows:

The fair values of intangible assets resulting from the acquisition of FMG is considered to be provisional given the time that FMG has been part of the Group and is expected to be presented as final as part of the Group's 2016 annual financial statements.

12 Property, plant and equipment (including vehicles)

13 Associates

The Group's interest in associates comprises of minority participations in three Limited Liability Partnerships ("LLP'") registered and situated in the United Kingdom. All of the LLPs are engaged in the processing of legal claims and are regulated by the Solicitors Regulation Authority. The LLPs are businesses over which the Group is deemed to have significant influence but does not control.

14 Trade and other receivables

Net trade receivables comprise claims due from insurance companies and self insuring organisations and amounts invoices for the provision of services to customers. The Group's debtor days at 31 December 2015 were 95 days (31 December 2014: 108 days). This measure is based upon net trade receivables, other receivables and accrued income as a proportion of the related underlying sales revenue for the past 12 months multiplied by 365 days.

15 Trade and other payables

16 Finance leases and other debt

During the period the Group entered into new finance leases with a principal value of £18.3m and made principal repayments of existing finance leases of £6.8m. Finance leases outstanding at 31 December 2015 amounted to £40.7m and compares to £29.0m at 30 June 2015 and £24.8m at 31 December 2014. Finance leases are secured upon the underlying vehicles. The Group has considerable facilities available to it for the provision of its motor fleet both by way of finance leases and contract hire which are considered in aggregate sufficient for its present growth plans.

Other loans at 31 December 2014 related to a trading relationship acquired with the NewLaw group of companies and has since been repaid.

The Group also has a 5 year £35m unsecured revolving credit facility with HSBC expiring in December 2020 as well as an unsecured overdraft facility of £5m with the same bank. There have been no drawings under either facility since inception but the facility is available to fund growth in the business should the present considerable cash balances currently held for this purpose be used for other corporate purposes such as further acquisitions. If and when drawn, related covenants surround a net debt to EBITDA ratio ( < 3:1) and the ratio of trade receivables to amounts drawn under the HSBC facility (> 1.5:1). The Group also currently has secured overdraft facilities with other banks amounting to £4m (which were acquired as part of acquisitions), but these facilities have never been utilised since acquisition and these facilities are in the process of being terminated by the Group and the associated security released.

17 Share capital and share premium account

Changes in the share capital or share premium account during the year are summarised in the Consolidated Statement of Changes in net Equity and reflect: