Redde Northgate, the mobility and automotive services group that includes Bath-based specialist vehicle accident management firm Redde, is enroute to make the most of market opportunities next year after clocking up what its CEO called “meaningful growth” over the past six months.
Martin Ward said the business extended its fleet by 8% to more than 130,000 vehicles in the period to 31 October while also benefiting from new multi-year contracts going live.
As a result, the group – formed two years ago from the merger of Redde and light commercial vehicle hire business Northgate – achieved meaningful growth across all its revenue streams.
Group pre-tax profits came in at £101.9m – up 42% against the same period last year – on revenues 13% higher at £696.3m, reflecting strong traffic and accident management volumes, fleet growth, pricing increases, and continued robust residual values.
Redde Northgate has an extensive network and diversified fleet of more than 110,000 owned vehicles and 400,000-plus managed vehicles in more than 100 branches across the UK, Ireland and Spain.
The Redde businesses, formerly known as Helphire and an innovator in accident management, made a strong start to the financial year with revenues up 31.7% reflecting the growth in road traffic, increased volumes from new business wins launched in the past 12 months, and an industry-wide rise in chargeable costs reflecting inflation across the supply chain.
The operational focus during the period was on the integration of two large insurance contracts, which are now providing fault and non-fault claims services and vehicle repair management.
Both contracts achieved strong volume growth after going live in the first half.
Redde’s pipeline of opportunities remained healthy and current and prospective customers were attracted to its efficiency savings and customer service levels available from an integrated mobility solution, the group said.
Mr Ward, pictured, said the wider group’s strategy of building an integrated platform was serving it well, with customers increasingly accessing a broadening product set to support their mobility needs.
“While mindful of the macro-economic backdrop, with a diverse and high-quality customer base well represented in resilient sectors, we are positioned to capitalise on growth opportunities across the business, in particular when light commercial vehicle (LCV) supply strengthens,” he added.
