Redde posts 100% rise in repair cases

Redde plc has announced a 101.7% increase in the number of all repair cases (including FMG) in its interim statement for the six months to 31 December 2015.

Highlighting a 51% increase in adjusted profit before taxation for the six month period, Redde also revealed operational highlights including an 8.8% like for like growth in number of credit hire cases and a total number of hire days increase by 16.4%. It also stated that the FMG acquisition was performing to expectations and integration was underway.

Commenting on the group’s results and prospects, Martin Ward, chief executive officer said, ‘The group has again delivered significant growth in revenue, earnings and dividend. The start of the second half has been strong and we continue to see new growth opportunities from within our markets. The group is increasingly being seen as a leading partner of choice within our industry. Our protocol arrangements with insurers, which deliver early payments without frictional cost, have continued to grow and release value. We have extended our service offering with existing insurer partners during the year and the outlook for the full financial year is positive.’

Revenues for the six month period were £165.2m (2014: £122.0m), an increase of £43.2m (35.4%).