2018 Full Year Results announced
27 FEB 2019
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
£300,000,000 Fixed Rate Class A Senior Secured Notes due 2046
(ISIN XS1404980846)
and
£600,000,000 Fixed Rate Class A Senior Secured Notes due 2046
(ISIN XS1404981141)
and
£275,000,000 Fixed Rate Class B Senior Secured Notes due 2046
(ISIN XS1645523579)
(together, the "Notes")
This Notice is issued by the Issuer to the holders of the Notes.
2018 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 2018. The results can be found on the ISE website or via http://www.raccorporate.co.uk/for-investors/results-reports-and-presentations
RAC Bidco Limited consolidated financial highlights:
Group revenue increased by £34 million (6%) to £592 million, reflecting a good performance in both our Breakdown Services (consumer and business) and Insurance & Financial Services divisions as we built on our progress from 2017.
EBITDA before exceptional items increased by £17 million to £207 million. The strong trading performance and ongoing improvement of our core business across all areas delivered £5 million of this increase with our operational teams, processes and systems handling the exceptional 2018 weather without any material impact. Adoption of the new IFRS16 accounting standard for leases resulted in a £12 million increase.
RAC continued to deliver strong operating cash flow generation, with a £7 million increase in net cash flow from operating activities to £181 million and robust EBITDA cash conversion of 87%.
Rob Templeman, Chairman, commented:
“RAC has had another strong 12 months, delivering EBITDA growth for our seventh year in succession. This financial performance was achieved with an increase in consumer membership, several major corporate partner wins and strong momentum in insurance, which we have carried into 2019 with positive year-on-year growth across the business. This encouraging start to our new financial year together with our continued focus on delivering a better service to our members through innovation and investment means that we are confident of delivering further progress in 2019 and beyond.”
27 February 2019
Investor Conference Call
An investor conference call will be held on 21 March 2019 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. Investors wishing to participate in the Investor Conference Call need to pre-register at:
http://event.onlineseminarsolutions.com/wcc/r/1917400-1/BC85ABE7C77AFE146D02E0CC192D8187
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:
David Whatley, Group Finance Director [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.