2022 Interim Results announced
26 AUG 2022
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
£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.
2022 Interim Results Announcement
RAC Bond Co PLC has today reported the consolidated results of RAC Bidco Limited (“Group”) for the six months ended 30 June 2022.
The results can be found on the Euronext Dublin or via http://www.raccorporate.co.uk/for-investors/results-reports-and-presentations.
RAC Bidco Limited consolidated highlights:
H1 revenue growth of 2% to £332 million (H1 2021: £325 million) driven by growth in subscription revenue and higher pay-on-use revenue, partially offset by lower insurance sales
EBITDA up 2% to £125 million (H1 2021: £122 million) against a challenging backdrop, delivering continued and sustainable performance
Operating Cashflow up 22% to £106 million (H1 2021: £87 million) with operating cash conversion of 85% (H1 2021: 71%)
Solid Consumer churn at 15.1% demonstrating ongoing member loyalty and value in the face of higher pricing to help offset inflationary costs.
Overall Membership Services members of 12.1 million stable in the first six months adding 20,000 net new members in Consumer since the year-end and retaining all our key partners in Business.
Dave Hobday, Chief Executive Officer, commented:
“As we celebrate our 125th anniversary I am proud that we have achieved another period of positive EBITDA growth despite the challenging macro-economic environment.
This performance demonstrates our ongoing relevance to our very loyal member base, underpinned by our subscription-based business model, and of course the passion and commitment of our 4,000 incredible #OrangeHeroes – my thanks to them all.
We have made significant progress in the first six months of the year in delivering our strategy against the backdrop of an increasingly tough economic environment, and our strong capital position allows continued investment to sustain our growth and accelerate our progress towards our vision of becoming the UK’s #1 for Driving Services.”
26 August 2022
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 [email protected]
For Media enquiries, please contact:
Rod Dennis, Press Officer [email protected]
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.