Redde Northgate PLC - Board Changes & Covid-19 Business Update
("Redde Northgate" or the "Group" or the "Company")
Board Changes & Covid-19 Business Update
Redde Northgate (LSE: REDD) today announces that, following the completion of the merger of
"I would like to thank Bill, Claire and Fernando for their contribution to Northgate during their time on the Board, and particularly for their support during the merger with
Covid-19 Business Update
Until the end of February, trading for the Group was in line with market expectations for the year and good progress has been made on the early stages of the integration. However, given the rapidly evolving Government response in the
As at the end of
Whilst the balance sheet is strong, the Group has put in place a number of measures to further conserve cash. The Group's most significant area of spend is on new vehicles and we have put procedures in place limiting this spend to essential purchases only to meet immediate customer demand, and in the event of a sustained period of crisis we have the ability to age the fleet further.
Following the merger, integration plans have started well with a new Group Management team being appointed for the
"Our people are the cornerstone of everything we do, and firstly I thank them for their efforts during these unsettling times. Business performance to the end of February has been in line with our expectations but we are now faced with uncertain challenges. We are working with our rental customers to provide as much flexibility as is possible and to ensure that we continue to support them in these times.
We have maintained and extended operational capability and are ready to continue servicing our customers to keep them mobile. The matters that we can control on cost and cash are being managed carefully. The headroom the Group has is significant and we will continue to manage our resources carefully through the Coronavirus crisis. We are taking all possible measures to ensure we can deliver the best possible outcomes for all our stakeholders."
For further information contact:
David Rydell/Jamie Hooper/Tilly Abraham +44 (0) 207 466 5000
Notes to Editors:
The Group provides mobility solutions and automotive services to a wide range of businesses and customers spanning the vehicle life cycle across vehicle supply, service, maintenance, repair, recovery, accident and incident management and disposal through sale or salvage.
With an extensive network and diversified fleet of over 110,000 owned vehicles and over 400,000 managed vehicles in more than 100 branches across the UK, Ireland and Spain, the Group aims to utilise its scale, reach and comprehensive suite of integrated services to offer a market-leading customer proposition and drive enhanced returns for shareholders.
Further information regarding
This information is provided by RNS, the news service of the
Quick facts: Redde Northgate PLC
Market Cap: £393.75 m
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