The Redde Northgate Board has declared an interim dividend of 7.5p per share (H1 2022: 6.0p) to be paid on 13 January 2023 to shareholders on the register as at close of business on 16 December 2022. The interim dividend represents 50% of the final dividend for the year ended 30 April 2022 in line with previous guidance.
Other financial highlights include:
Group revenue growth up 14%, reflecting strong traffic and accident management volumes, fleet growth, pricing increases, and continued robust residual values
Reported PBT of £101.9m up 42%; underlying PBT up 6% to £83.7m due to strong operational performance, partially offset by lower disposal profits and higher interest
Steady state cash generation improved 30% to £121.2m; free cashflow reflects investments in fleet, working capital for new insurance contracts, and the Blakedale acquisition
Strong balance sheet with over £300m of facility headroom and bank facility extended out one year to 2026; 1.6x leverage (H1 2022: 1.5x) well within our stated target 1-2x range
Shareholder returns: 25% increase in interim dividend to 7.5p; £60m share buyback programme running since March, £56m spend in total by end-November
