2024 Full Year Results Announced
19 MARCH 2025
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 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 2024. The results can be found on the Euronext Dublin website or via https://www.raccorporate.co.uk/for-investors/results-reports-and-presentations
RAC Bidco Limited continued its operational and financial progress in 2024:
- 13th consecutive year of EBITDA growth, up £23 million or 8% to £295 million
- EBITDA growth in both segments - Membership Services up 9% and Insurance up 5%
- Membership increased by 0.9 million to 14.5million
- Revenue of £783 million increased by £63 million or 9%
- Strong net cash flows from operating activities of £276 million resulting in cash conversion of 94%
- 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 5.0x
Dave Hobday, Chief Executive Officer, commented:
“I am proud to share our 2024 results following a positive year for RAC, our 13th year of consecutive growth. We have achieved strong revenue and EBITDA growth, sustained high margins, improved cash conversion and secured record membership of 14.5 million.
Our vision to be the UK’s number one for driving services has resulted in continued progress against our strategic objectives. We are growing our core businesses of Breakdown and Insurance, alongside expanding our Service, Maintenance and Repair offering. Our progress is increasingly underpinned by our unique data assets and expanding digital capabilities, in particular myRAC.
Our committed and passionate colleagues (our #OrangeHeroes) are at the heart of our business providing the highest quality service to our members. I would like to thank them for their significant contribution in 2024”.
Investor Conference Call
An Investor Conference Call will be held on 19 March 2025 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 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 investor.relations@rac.co.uk
Ben Guest, Group FD investor.relations@rac.co.uk
Jennie Lowe, Head of Corporate Finance investor.relations@rac.co.uk
For Media enquiries, please contact:
Rod Dennis, Press Officer press.enquiries@rac.co.uk
Who we are
For over 125 years, the RAC has been at the forefront of developing motoring solutions. Today, you can trust the RAC for complete peace of mind, for all 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.