2020 Full Year Results announced
24 FEB 2021
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 Full Year Results Announcement
RAC Bond Co PLC has today reported the consolidated results of RAC Bidco Limited (“Group”) for the year ended 31 December 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 highlights:
Growth in EBITDA and operating cashflow, with overall revenue marginally down as continued growth in subscription revenues largely offset Covid-19 volume related reductions:
Revenue reduction of 1% to £624 million (2019: £631 million)
EBITDA up 7% to £241 million (2019: £226 million)
Operating profit up 25% to £126 million (2019: £101 million)
Operating Cashflow up 8% to £222 million (2019: £205 million)
Operating Cash conversion of 92% (2019: 91%)
Ended 2020 with 12.7 million members, an increase of 600,000 during the year
Dave Hobday, Chief Executive Officer, commented:
“It’s been a tough year and we were hit with unprecedented Covid-19 challenges. Our priorities were safely delivering service, keeping roads clear, and securing colleague employment and wellbeing.
Against that backdrop, I am proud of the progress of RAC in 2020 delivering our 9th consecutive year of growth and increasing our membership base by 600,000 to 12.7 million.
2021 has seen our momentum and progress continue giving us confidence for the year ahead.
Our investments in new markets, underpinned by digital and data are encouraging. We are excited about the long-term future and RAC’s position at the heart of new mobility ecosystems.”
24 February 2021
Investor Conference Call
An investor conference call will be held on 11th March 2021 at 10.00am (GMT), at which the Group will present its 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
This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange
For Investor enquiries, please contact:
Bruce Claassen, Group Finance Director [email protected]
For Media enquiries, please contact:
Rod Dennis, Press Officer [email protected]
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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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