RAC Bond Co PLC reports results for period ending 30 June 2017
27 SEP 2017
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)
And
£275,000,000 Fixed Rate Class B Senior Secured Notes due 2046
(ISIN XS1645523579)
(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 2017. The results can be found on the ISE website or via http://www.raccorporate.co.uk/for-investors/results-reports-andpresentations
Financial highlights:
Group revenue increased by £21 million (8.5%) to £269 million, reflecting strong growth in our Roadside, Insurance broking and Motoring services businesses.
EBITDA before exceptional items increased by £1 million to £89 million in spite of strong competition and implementation costs for the substantial levels of new business won in the second half of the year ended 31 December 2016 and the first half of 2017.
Strong operating cash flow generation with a £7 million increase in net cash flow from operations to £92 million, reflecting an improvement in EBITDA cash conversion to 103% (2016: 97%).
Rob Templeman, Chairman, commented: “The Group delivered a robust performance in the first six months of 2017 and has continued to do so going into the second half of the year. We were delighted by demand for the Class B1 Notes issued shortly after the period end, which highlighted investor confidence in the Group’s performance and prospects.
“Through our continued focus on the Group’s business model of delivering excellent customer service to our Members, we remain well positioned to deliver long-term growth and future value for our shareholders.”
27 September 2017
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 Investor enquiries, please contact:
David Whatley, Director of Group Finance [email protected]
For Media enquiries, please contact:
Rod Dennis, Press Officer [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.