Profit revenue

Redde Northgate FY2022 profit, revenue up; The new year has started well

By Joe Hoppe

Redde Northgate PLC said on Wednesday that its profit before tax for the financial year 2022 had increased significantly and its revenue had increased, and that the financial year 2023 had started well.

The British mobility company said that for the financial year ended April 30, its reported pre-tax profit rose to £132.7 million ($158.7 million) from £67.2 million the year former. On an underlying basis, pre-tax profit rose 62% to £151.3m, driven by margin growth and divestment profits.

Revenue increased 12% on a reported basis to £1.24 billion and 24% on an underlying basis of £1.09 billion. The company said this reflected strong customer demand, a post-pandemic recovery in business volumes and traffic activity and a decline in fleet disposal activity – refurbishing and selling vehicles for remove them from inventory.

The board declared a final dividend of 15.0 pence, bringing the total dividend to 21.0 pence from 15.4 pence the previous year.

Redde said the new financial year had started well and was well positioned, with new earnings in terms of revenue expected from new long-term contracts.

“While the board is aware of the economic uncertainty, it remains confident that it has the right strategy to deliver long-term sustainable value,” the company said.

Shares at 0722 GMT were up 5.5 pence, or 1.6% at 341.0 pence.

Write to Joe Hoppe at [email protected]