Redde Northgate PLC, a leading provider of integrated mobility solutions, has announced a general meeting to approve a proposed company name change to ZIGUP plc. The new corporate name aims to better reflect the strength and depth of an enlarged group of businesses undertaking various forms of integrated mobility. The new brand and company name are aligned with a refreshed strategic framework under the new pillars of Enable, Deliver, and Grow, reflecting the strength and breadth of the current proposition as an enlarged group of businesses.
The Board believes that a more modern brand and name reflecting these changes will help shift the narrative with all stakeholders towards the Group's strategic direction of travel. If approved, the roll-out of the new brand will commence on 20 May 2024, with legal registration of the name change by the UK Companies Registry expected to occur no later than 25 May 2024. There will be no change to the well-recognized operational brands, which have meaningful market profiles in their specialist areas.
Regarding FY24 trading, the business finished positively, with vehicle supply continuing to improve. The Spanish business is experiencing strong market conditions, and the recent UK&I re-organization is helping to deliver an increasingly seamless service to customers. The company expects to report full-year results in early July towards the upper end of the consensus range. Year-end net debt is forecast to be around £740m, equating to leverage of 1.5x, in line with the prior year. The company is on track to complete its third £30m share buy-back program by July.
For further information on the new strategic pillars, company name, brand, and consensus range, visit the company's website.