Redde Northgate (REDD)

Sector:

Commercial Transport

Index:

FTSE 250

381.50p
   
  • Change Today:
      3.50p
  • 52 Week High: 391.00
  • 52 Week Low: 311.50
  • Currency: UK Pounds
  • Shares Issued: 226.10m
  • Volume: 320,697
  • Market Cap: £862.58m
  • RiskGrade: 169

Redde Northgate sees FY profits 'comfortably ahead' of consensus

By Michele Maatouk

Date: Tuesday 15 Mar 2022

LONDON (ShareCast) - (Sharecast News) - Commercial vehicle rental provider Redde Northgate said on Tuesday that full-year profits were set to be "comfortably ahead" of consensus expectations as it announced a £30m share buyback.
In an update for the year ended 30 April 2022, the company said it was trading ahead of expectations, driven by a strong performance across the business.

Further to the interims on 1 December, it has continued to de-fleet a lower number of vehicles due to rental demand and new vehicle supply constraints with used vehicle market values staying strong. Vehicle supply constraints are expected to continue through FY 2023.

Redde said volume recovery was held back in December and January by the Omicron variant and work-from-home restrictions. However, there has been "good improvement" since the beginning of February and volumes are now running at around 90% of pre-Covid levels.

Based on current trends, it now expects full-year underlying pre-tax profit of around £150m, comfortably ahead of consensus expectations of £133.9m.

Redde also announced the launch of a £30m share buyback programme that is expected to be completed by 15 September.

"The group's objective is to employ a disciplined approach to investment, returns and capital efficiency to deliver sustainable compounding growth," it said.

"It continues to see exciting opportunities to deploy capital organically and has a good M&A pipeline. Even after taking into consideration capital to fund organic growth, payment of dividends in line with the company's dividend policy and acquisitions within the M&A pipeline, the company has substantial headroom under its facilities and target leverage of 1-2x."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Redde Northgate Market Data

Currency UK Pounds
Share Price 381.50p
Change Today 3.50p
% Change 0.93 %
52 Week High 391.00
52 Week Low 311.50
Volume 320,697
Shares Issued 226.10m
Market Cap £862.58m
RiskGrade 169

Redde Northgate Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
47.54% above the market average47.54% above the market average47.54% above the market average47.54% above the market average47.54% above the market average
25.71% above the sector average25.71% above the sector average25.71% above the sector average25.71% above the sector average25.71% above the sector average
Income Not Available
Growth
67.26% above the market average67.26% above the market average67.26% above the market average67.26% above the market average67.26% above the market average
51.52% above the sector average51.52% above the sector average51.52% above the sector average51.52% above the sector average51.52% above the sector average

What The Brokers Say

Strong Buy 1
Buy 2
Neutral 2
Sell 0
Strong Sell 0
Total 5
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Redde Northgate Dividends

  Latest Previous
  Interim Final
Ex-Div 14-Dec-23 31-Aug-23
Paid 12-Jan-24 29-Sep-23
Amount 8.30p 16.50p

Trades for 28-Mar-2024

Time Volume / Share Price
16:52 19,918 @ 380.74p
16:35 107,629 @ 381.50p
16:35 1,285 @ 381.50p
16:35 1,286 @ 381.50p
16:35 5,435 @ 381.50p

Redde Northgate Key Personnel

CEO Martin Ward

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