2022 Full Year Results Announced
03 MAR 2023
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
£345,000,000 Fixed Rate Class B2 Senior Secured Notes due 2046
(ISIN XS1645523579)
(together, the "Notes")
This Notice is issued by the Issuer to the holders of the Notes.
2022 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 2022. 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 continued its operational and financial progress in 2022:
Membership now exceeding 13.0 million (2021: 12.9 million) for the first time in the RAC’s history
Adjusted revenue of £664 million increased by £32 million (+5%). Statutory revenue grew by +4%
Adjusted EBITDA of £260 million increased by £6 million (+2%)
Lowest-ever churn rate of 14.2% (2021: 14.5%)
Adjusted operating cash conversion remained strong at 86% (2021: 89%)
Dave Hobday, Chief Executive Officer, commented:
“In our 125th anniversary year I am proud we have delivered another strong performance, and our 11th year of sustainable and uninterrupted growth, set against a challenging macro backdrop and UK wide disruption for motorists.
Our continued focus on differentiation, innovation and investment, underpinned by the strength of our brand, service quality, and subscription-based revenue model, yet again demonstrated the relevance of RAC to our members and partners.
We delivered our lowest ever churn, started our market expansion into servicing, maintenance and repair, accelerated our digital progress with MyRAC increasingly becoming the heart of all things driving, and for the first time in our history surpassed 13 million members.
We are well set and well invested for 2023 and beyond as we continue our journey towards becoming the UK’s number one for Driving Services”.
Investor Conference Call
An Investor Conference Call will be held on 8 March 2023 at 11.30am (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 RAC investor website shortly via https://www.raccorporate.co.uk/for-investors/financial-calendar. 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:
Jo Baker, CFO [email protected]
Ben Guest, Group FD [email protected]
Jennie Lowe, Head of Corporate Finance [email protected]
For Media enquiries, please contact:
Rod Dennis, Press Officer [email protected]
Who we are
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.
Discover our history
The RAC has been consistently at the forefront in assisting UK drivers. Take a look at a snapshot of our history so far, beginning in 1897.
Corporate responsibility
The RAC has embedded Corporate Social Responsibility (CSR) throughout the business, with a continued focus on enhancing road safety, improving fuel efficiencies and in developing innovative new products and services for members.