RAC Bond Co PLC reports results for period ending 30 June 2016
02 SEP 2016
RAC BOND CO PLC
(a public limited company incorporated in England and Wales with registered no. 10084638) (the "Issuer")
NOTE: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE LEGAL AND BENEFICIAL OWNERS OF THE SUBJECT NOTES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS, AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE NOTES IN A TIMELY MANNER.
NOTICE
to the holders of
£300,000,000 Fixed Rate Class A Senior Secured Notes due 2046
(ISIN XS1404980846)
and
£600,000,000 Fixed Rate Class A Senior Secured Notes due 2046
(ISIN XS1404981141)
(together, the "Notes")
This Notice is issued by the Issuer to the holders of the Notes.
RAC Bond Co PLC has today reported its results for the period ended 30 June 2016.
The results can be found on the ISE website or via http://www.raccorporate.co.uk/results-reports-presentations
Financial highlights:
- Revenue growth of 1.6%, up from £244 million in the six month period ended 30 June 2015 to £248 million in the six month period ended 30 June 2016
- EBITDA of £88 million in line with prior year, despite a challenging market backdrop, particularly in the Insurance broking division
- Growth within our developing Motoring services division
- Operating Cash /EBITDA conversion improving to 97% for the six month period ended 30 June 2016
Commenting on the interim results for 2016, Rob Templeman, Chairman said:
“During the last six months, the Group has undergone significant change. In December 2015, CVC's Strategic Opportunities Platform ("CVC") formally agreed a deal with The Carlyle Group (“Carlyle”) to acquire its stake in the business, which was completed in April 2016. We would like to thank Carlyle for their tremendous support and guidance since their investment in 2011.
We are on track to deliver growth in 2016, through increased revenue across our four divisions. Despite the challenges in the six month period, particularly in the Insurance division as a result of market hardening, our business is robust and we remain well positioned to deliver long-term growth and future value for our shareholders.
From 5 September 2016, Diane Cougill will step down from her role as Chief Financial Officer, and will be replaced by Richard Fairman, RAC's current Group Director of Finance. The Board would like to thank Diane for her significant contribution as Chief Financial Officer over the last five years.”
2 September 2016
This Notice is given by:
RAC BOND CO PLC
This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange.
For enquiries, please contact:
Neesh Patel, Group Financial Controller [email protected]
Who we are
For more than 120 years, the RAC has been at the forefront of developing motoring solutions. Today, you can trust the RAC for complete peace of mind, whatever your driving needs.
Discover our history
The RAC has been consistently at the forefront in assisting UK drivers. Take a look at a snapshot of our history so far, beginning in 1897.
Corporate responsibility
The RAC has embedded Corporate Social Responsibility (CSR) throughout the business, with a continued focus on enhancing road safety, improving fuel efficiencies and in developing innovative new products and services for members.