("ZIGUP" or the "Group" or the "Company")
AGM Statement
New vehicle supply greatly improved, outlook unchanged
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
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
Shareholder returns
Shareholders are being asked today to approve a final dividend of
Interim results and Sustainability Report
The Group’s next scheduled trading update will be its interim results for the six months ended
-Ends-
For further information contact:
Buchanan
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
