2021 Interim Results announced
06 SEP 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.
2021 Interim Results Announcement: Strong results delivered for six months ended 30 June 2021
RAC Bond Co PLC has today reported the unaudited consolidated results of RAC Bidco Limited (“Group”) for the six months ended 30 June 2021. The results can be found on the Euronext Dublin website or via http://www.raccorporate.co.uk/for-investors/results-reports-and-presentations
RAC Bidco Limited consolidated financial highlights:
Overall Membership up 0.8m to 13.0m, with growth in Membership Services making us the UK’s #1 Breakdown provider. Consumer Membership of 2.6m up 3% on December 2020
H1 EBITDA increased by £8m to £122m, +7% vs H1 2020, demonstrating the continuing sustainable performance of the business
H1 revenue of £325m up 6% driven by growth in subscription revenue and higher pay-on-use revenue
Continuing progress across key performance measures, with churn performance particularly strong at 13.7% for H1, a reduction of 2.1pts vs H1 2020
Liquidity, cash flow and capital position remained strong, reflected in a ratings upgrade from S&P and a successful debt refinancing on more favourable terms
Dave Hobday, Chief Executive Officer, commented:
“I am pleased to report another strong set of results from the business, despite the ongoing global pandemic, with EBITDA up 7% in the first six months of the year.
The partnership announced today with Silver Lake, who join GIC and CVC as co-shareholders, is an endorsement of our strategy and further opportunities ahead, and reflects our continued focus on delivering Complete Peace of Mind for our members as we progress towards delivering our 10th consecutive year of EBITDA growth.
We remain well capitalised and we continue to invest in the business and our strategic initiatives, setting us up well for the rest of 2021 and supporting continued future growth."
6 September 2021
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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