2023 Full Year Results announced
28 FEB 2024
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
£600,000,000 Fixed Rate Class A Senior Secured Notes due 2046
(ISIN XS1404981141)and
£250,000,000 Fixed Rate Class A Senior Secured Notes due 2046
(ISIN XS2701595592)
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.
2023 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 2023. 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 2023:
12th consecutive year of EBITDA growth, up £12 million or 5% to £272 million, with H2 growth accelerating to 8%
EBITDA growth across both segments, with Membership Services up 5% and Insurance up 22%
Membership increased by 0.6 million and now exceeds 13.6million
Revenue of £720 million increased by £56 million or 8%
Lowest-ever churn rate of 14.1% (2022: 14.2%)
Service, Maintenance and Repair nationally established, undertaking 23,000 jobs
2.1 million members using myRAC for sales, upgrades, renewals and logging breakdowns
Adjusted operating cash conversion remained strong at 92% (2022: 86%)
Drawn debt reduced by £70 million
Dave Hobday, Chief Executive Officer, commented:
“I am pleased to report another positive set of results, and our 12th year of uninterrupted EBITDA growth delivered against a tough macro-economic backdrop, further evidencing the strength of our brand and business model.
We end 2023 with more members, more products and services, our lowest ever churn rate and 100% corporate partner retention.
Our three complementary offerings: Breakdown, Insurance and Service, Maintenance and Repair are well invested and provide a strong member proposition and further opportunities for growth. Our vision remains unchanged and our strategic focus unwavering - as we continue our journey to firmly establish ourselves as the UK’s number one for driving services.
My thanks go to our 4,000 colleagues – our “Orange Heroes” for their ongoing commitment, and for the outstanding service they provide our members”.
Investor Conference Call
An Investor Conference Call will be held on 6 March 2024 at 10.30am (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.