Strong trading for group after £43m FMG acquisition

THE group that acquired serial entrepreneur Andrew Cope’s road incident specialist FMG has shown strong growth in just a year.

Redde plc has said that strong trading volumes and the effect of FMG’s acquisition contributed to a positive start, with indications that it has continued throughout the year.

FMG was sold to Redde for £43.2m in August 2015, just months after the completion of an MBO that had been backed by Endless.

Redde shareholders are being asked to approve a final dividend of 5.15p per share, amounting to £14.9m. If approved a total of £28m would have been paid out in dividends.

Trading is ahead of expectations said Avril Palmer-Baunack, chairman of Redde plc. She also said that the group is also seeing an increasing level of new business opportunities and was “well placed” to take advantage of opportunities to further grow revenue and profits.

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