
03 Jul 2019
In line FY update, contract run off prompts upgrade
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.

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In line FY update, contract run off prompts upgrade
ZIGUP PLC (21W:FRA) | 0 0 0.0% | Mkt Cap: 498.3m
- Published:
03 Jul 2019 -
Author:
Andrew Watson -
Pages:
3 -
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.