2018 Interim Results announced
22 AUG 2018
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.
2018 Interim Results Announcement
RAC Bond Co PLC has today reported the unaudited consolidated results of RAC Bidco Limited (“Group”) for the six months ended 30 June 2018. The results can be found on the ISE website or via results-reports-and-presentations.
RAC Bidco Limited consolidated financial highlights:
Group revenue increased by £22 million to £291 million, reflecting a strong performance in Roadside, with robust growth in both consumer and business, and healthy volume growth in Insurance broking and Motoring services.
EBITDA before exceptional items increased by £8 million to £97 million reflecting £1m of growth from trading despite operational challenges presented by the sustained period of severe winter weather and £7m arising on adoption of IFRS 16 ‘Leases’.
Strong operating cash flow generation, with net cash flow generated from operating activities of £89 million (2017: £92 million) and EBITDA cash conversion of 92% (2017: 103%).
The Group remains appropriately funded to continue to deliver its strategy and growth. Capital investment was on target with £23 million (2017: £26 million) invested across tangible and intangible assets during the period.
Rob Templeman, Chairman, commented:
“The Group demonstrated its resilience during the first six months of 2018 and has continued to perform strongly going into the second half of the year. Looking further ahead, we have confidence in our strategy, our refocussed organisation and our ability to grow by continuing to delight our members.”
22 August 2018
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, Group Finance Director [email protected]
For Media enquiries, please contact:
Rod Dennis, Press Officer [email protected]
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