2019 Interim Results announced
22 AUG 2019
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.
2019 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 2019. The results can be found on the ISE website or via http://www.raccorporate.co.uk/for-investors/results-reports-and-presentations
RAC Bidco Limited consolidated financial highlights:
Group revenue increased by £22 million (8%) to £313 million, reflecting balanced growth across the business.
EBITDA before exceptional items increased by £9 million to £106 million delivering growth of 9% with our revenue growth and efficient operating model again driving higher profits year on year. This performance was underpinned by ongoing improvements to our core business areas ensuing we are well positioned for the future.
Strong operating cash flow generation demonstrating our cash generative business model. Net cash flow from operations was £86m (81% conversion of EBITDA), albeit £3m below prior year due to the timing of renewals impacting on the seasonality of receipts on corporate partner contracts.
The Group remains fully funded to continue to deliver its strategy and growth. Capital investment was on target at £23 million ensuring we are well invested for the future and continuing to support future growth.
Rob Templeman, Chairman, commented:
“I am pleased to report that we are on track to deliver our 8th consecutive year of growth, with near double digit growth in the first six months of the year. As we look forward, these strong and sustainable results, building on the momentum from 2018, give us significant confidence in the trajectory of the business. We are well positioned and well invested to sustain our progress and are excited by the opportunities the motoring services market offers for the future.”
22 August 2019
This Notice is given by:
RAC BOND CO PLC
For Investor enquiries, please contact:
Bruce Claassen, Group Finance Director [email protected]
For Media enquiries, please contact:
Rod Dennis, Press Officer [email protected]
This announcement has been issued through the Companies Announcement Service of Euronext Dublin
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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.
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