Redde Northgate FY23 Profit Climbs, Lifts Dividend; Says Confident Of FY24 With Good Demand

Redde Northgate Plc (REDD.L), an integrated mobility solutions platform, reported Wednesday that its fiscal 2023 profit before tax climbed 34.7 percent to 178.7 million pounds from last year’s 132.7 million pounds.

Earnings per share were 60.3 pence, up 46.2 percent from 41.3 pence last year.

Underlying profit before tax was 165.9 million pounds, compared to 151.3 million pounds a year ago. Underlying earnings per share were 55.6 pence, compared to prior year’s 50.8 pence.

Revenue grew 19.8 percent to 1.49 billion pounds from prior year’s 1.24 billion pounds. Underlying revenues were 1.34 billion pounds, up 22.2 percent from 1.09 billion pounds a year ago.

Further, subject to shareholder approval, the Board has proposed a final dividend of 16.5p per share, up 10 percent from last year. This will bring the total dividend to 24.0p, a 14.3 percent increase on the prior year.

The final dividend will be paid on September 29 to shareholders on the register as at close of business on September 1.

Looking ahead, the company said, “We continue to enjoy robust demand as we start FY2024 and our recent signing of a further multi-service outsourcing contract for Redde reflects our healthy new business pipeline. With exciting opportunities across the platform, we expect to continue to make strategic progress; together with good momentum in the business we are confident…”

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