2024 Interim Results announced
30 AUG 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.
2024 Interim Results Announcement
RAC Bond Co PLC has today reported the consolidated results of RAC Bidco Limited (“Group”) for the six months ended 30 June 2024.
The results can be found on the corporate website at http://www.raccorporate.co.uk/for-investors/results-reports-and-presentations.
RAC Bidco Limited consolidated highlights:
- Revenue up 10% to £382 million
- EBITDA up 8% to £136 million continuing our track record of uninterrupted growth
- Strong operating cash flow of £130 million resulting in operating cash conversion of 96%
- Successfully refinanced 2020 Senior Term Facility and tendered £115 million of 2026 Class A2 Notes. Total debt reduced by £50 million and leverage reduced to 5.4x
Dave Hobday, Chief Executive Officer, commented:
“I am pleased with our strong first half performance, exceeding 14 million members for the first time in our history, and set against a backdrop of continued tough trading across the market. This underlines the resilience of our recurring membership model, strength of our strategy, and operational execution. I remain confident in our continued growth through the second half of 2024 and beyond as we progress on our journey to becoming the UK’s number one for Driving Services”
This Notice is given by:
RAC BOND CO PLC
This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange
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.