ZIGUP
plc
("ZIGUP"
or the "Group" or the "Company")
24 September 2024
AGM
Statement
New
vehicle supply greatly improved, outlook
unchanged
ZIGUP plc
(LSE:ZIG), the leading integrated mobility solutions platform
providing services across the vehicle lifecycle, will hold its
Annual General Meeting at 10.30
a.m. today
at the offices of Bryan Cave Leighton Paisner LLP, Governor’s
House, 5 Laurence Pountney Hill, London,
EC4R 0BR.
At the
meeting the following statement will be made:
With new
vehicle supply greatly improved in recent months we are progressing
well with our plans for both fleet replacement and satisfying
healthy demand for LCVs, resulting in continued de-ageing of our
fleets across our geographies. As expected, used markets are seeing
normalising LCV residual values as older vehicles are
replaced.
Greater
opportunities in supply will result in higher fleet capex this year
which, as highlighted in July, is aligned with our plans and
business model of delivering profitable growth, attractive cash
generation and strong returns on investment well above the Group’s
cost of capital. Leverage remains in line with our target range of
1-2x, and our balance sheet is further supported by £1.4bn of fleet
assets.
Our
broader macro environments remain supportive, with supply chains
normalising and inflation starting to ease, which is reducing both
customer vehicle repair and replacement hire timeframes.
We are
focused on progressing with our strategic pillars of Enable,
Deliver, Grow, investing in infrastructure capacity including
opening two new locations in Spain
and the UK&I alongside technology infrastructure as part of our
continuous programme to deliver an excellent customer
experience.
The Board
remains confident of the Group‘s long term growth strategy and
prospects and our outlook for the year remains
unchanged.
Spanish
CME
Our
Spanish rental business is being showcased at a Capital Markets
Event taking place in Madrid on
Thursday 26 September, where the market outlook remains very
attractive.
Shareholder
returns
Shareholders
are being asked today to approve a final dividend
of 17.5
pence per
share, which will be paid on 27
September 2024, to those shareholders who were on the
register at close of business on
30 August 2024. This
dividend, if approved, will result in a total ordinary dividend
payable in respect of the year ended 30
April 2024 of 25.8
pence per
share.
Interim
results and Sustainability Report
The
Group’s next scheduled trading update will be its interim results
for the six months ended 31
October 2024 expected on 4 December
2024.
The Group
has also recently published its Sustainability Progress Report,
which sets out our progress over the past year, our reporting
framework and commitments, together with progress made in the year
and plans for FY 2025.
-Ends-
For
further information contact:
Ross Hawley, Head of Investor Relations +44
(0) 204 566 7090
Buchanan
Chris Lane/Jamie Hooper/
Verity Parker
+44
(0) 207 466 5000
Notes
to Editors:
Notes
to Editors:
ZIGUP is
the leading integrated mobility solutions provider, with a platform
providing services across the vehicle lifecycle to help people keep
on the move, smarter. The Group offers mobility solutions to
businesses, fleet operators, insurers, OEMs and other customers
across a broad range of areas from vehicle rental and fleet
management to accident management, vehicle repairs, service and
maintenance.
The
mobility landscape is changing, becoming ever more connected and
ZIGUP uses its knowledge and expertise to guide customers through
the transformation, whether that is more digitally connected
solutions or supporting the transition to lower carbon mobility
through providing EVs, charging solutions and
consultancy.
The
Group's core purpose is to keep its customers mobile, smarter -
through meeting their regular mobility needs or by servicing and
supporting them when unforeseen events occur. With our considerable
scale and reach, ZIGUP’s mission is to offer an imaginative,
market-leading customer proposition and drive enhanced returns for
shareholders by creating value through sustainable compounding
growth. The Group seeks to achieve this through the delivery of its
new strategic framework of Enable, Deliver and Grow.
ZIGUP
supports its customers through a network and diversified fleet of
approximately 130,000 owned and leased vehicles, supporting over
900,000 managed vehicles, with over 180 branches across the UK,
Ireland and Spain and a specialist team of over 7,500
employees. We are a trusted partner to many of the leading
insurance and leasing companies, blue chip corporates and a broad
range of businesses across a diverse range of sectors. Our strength
comes not only from our breadth of our award-winning solutions, but
from our extensive network reach, our wealth of experience and
continual focus on delivering an exceptional customer experience.
Further information regarding ZIGUP plc can be found on the
Company’s website:
www.zigup.com.