2020 Interim Results announced
25 AUG 2020
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.
2020 Interim Results Announcement: Strong results delivered for six months ended 30 June 2020
RAC Bond Co PLC has today reported the unaudited consolidated results of RAC Bidco Limited (“Group”) for the six months ended 30 June 2020. 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:
EBITDA growth of £8m to £114m, an increase of +8% vs H1 2019, and operating profit of £57m an increase of £13m vs H1 2019
Quick and decisive reaction to COVID-19 to protect the health and safety of our colleagues and members, maintain uninterrupted service, and provide extra support and free cover to NHS staff
H1 revenue of £306m down 2% (2019: £313m) driven by COVID-19 related temporary closures of some business units and reduction in volume related revenues
Overall Membership up 0.5m to 12.2m with Consumer Breakdown churn improved vs H1 2019 as our differentiated offering remained relevant for drivers through COVID-19
Surpassed competition to become UK’s #1 for Business Breakdown with the addition of more new Corporate Partners and all relationships retained
Liquidity, cash flow and capital position remained strong, with continued investment in initiatives to drive efficiency and member growth
Net cash flow from operations was £85m (75% conversion of EBITDA), in line with prior year
Rob Templeman, Chairman, commented:
“I am pleased to report that we are on track to deliver our 9th consecutive year of growth, with EBITDA up 8% in the first six months of the year.
Membership growth of 0.5m, strong service levels and record colleague engagement, all confirm the resilience of our subscription-based business model.
We remain well capitalised and will continue to invest in the business and our strategic initiatives, setting us up well for the rest of 2020, into 2021 and beyond."
26 August 2020
Investor Conference Call
An investor conference call will be held on 7th September 2020 at 10.00am (BST), at which the Group will present its half year financial results. A summary presentation will be released and will be used as the basis of the Investor Conference Call. More details on the investor conference call and pre-registration information will be available on the investor website shortly. Full participant information (including dial-in number) will be provided upon registration.
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 over 125 years, the RAC has been at the forefront of developing motoring solutions. Today, you can trust the RAC for complete peace of mind, for all your driving needs.
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