2023 Interim Results Announced
31 AUG 2023
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
£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.
2023 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 2023.
The results can be found on the corporate website at http://www.raccorporate.co.uk/for-investors/results-reports-and-presentations.
RAC Bidco Limited consolidated highlights:
Revenue up 7% to £347 million. EBITDA up 1% to £126 million continuing our track record of uninterrupted growth against a challenging UK macro-economic climate
Membership growth to 13.5 million:
Reduction in churn rate to 14.8%
Added 68,000 Consumer members
Retained all key corporate partners
Insurance membership up 65,000
Progress on strategic initiatives aligned to vision of becoming the UK's number one for Driving Services:
National expansion of Service, Maintenance and Repair (SMR) mobile proposition
Accelerating the transformation of member’s digital experience, with myRAC app re-launched with more features and benefits
Repaid £100 million of debt by successfully refinancing £300 million of 2023 Class A1 bonds with a new £200 million facility
Dave Hobday, Chief Executive Officer, commented:
“I am proud to report another positive set of results. These continue our long-established track record of sustainable and uninterrupted growth and underpin RAC as an essential servicing providing ‘Complete Peace of Mind’ to over 13.5 million members.
We have proactively faced into the macro-economic and automotive challenges with another 0.8 million more members joining RAC, further Consumer churn reduction and all Corporate partners renewing with us.
We are well invested for the future and move ever closer to our vision of becoming the UK’s #1 for Driving Services.
I thank our 4,000 Orange Heroes for their ongoing commitment, and for the outstanding service they provide.”
This Notice is given by:
RAC BOND CO PLC
This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange
Jo Baker, CFO [email protected]
Ben Guest, Group FD [email protected]
Jennie Lowe, Head of Corporate Finance [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.