Redde has issued an in line FY trading update, with case volumes as expected through H2. There have been a number of contract wins and a significant renewal. The run off on the lost contract (previously announced) will now be better than expected – prompting a 4% upgrade to our FY20e PBT forecast. Redde trades on 8x PER and an 11% dividend yield, with the reaction to the contract loss having persisted.