Zigup says "well-positioned" as Spain trading drives annual growth

Zigup PLC on Wednesday reported improved yearly results and lifted its dividend, with its progress in Spain a "standout".

The vehicle rental and management firm said pretax profit in the year to April 30 edged up 0.5% to £102.0 million from £101.5 million. Revenue climbed 2.6% to £1.86 billion from £1.81 billion.

The Darlington, England-based company formerly known as Redde Northgate said revenue from vehicle hire rose 9.8% to £749.9 million, though revenue from sales declined 14% to £222.6 million. Revenue from claims and services edged up 1.6% to £886.4 million.

"I am delighted with the progress made across our business," Chief Executive Officer Martin Ward said.

"Spain has had another standout period with its fleet at record levels, and the UK & Ireland business is gaining good momentum, with some notable success from the performance of our nationwide bodyshops and the long-term renewal of our National Highways contract for a further 10 years."

Zigup raised its final dividend by 3.4% to 18.2 pence per share from 17.6p. It results in a total dividend of 27.0p, up from 26.4p.

Looking ahead, the company said: "We are well positioned to deliver growth in line with market expectations for profit for the year, which take into account the cost savings identified from our UK&I simplification and are tracking well towards our target of generating in excess of £200 million in steady state cash in FY2028."

Zigup put adjusted pretax profit consensus for financial 2027 between £162.9 million and £170.0 million. In financial 2026, it achieved underlying pretax profit of £160.1 million, down 4.1% from £166.9 million.

Zigup shares fell 1.6% to 457.00 pence each in London on Wednesday morning.

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