Redde secures extension with 'large insurer', trades in line
Accident management and legal services company Redde said on Wednesday that it had seen second-half trading move in line with expectations for both revenue and adjusted operating profits.
Redde also announced some positive news regarding its hire and repair contract with a "large insurer", which it had been unsuccessful in renewing back in March.
While the AIM-listed group was unable to extend the original contract, which was set to run out at the end of July, it did successfully ink a new agreement on Wednesday.
Redde also said it had won a number of new contracts and secured a renewal from another "major insurer", making the company and its board confident in its financial expectations for 2020.
Cash balances at 30 June were approximately £11.9m, slightly up from the £11.6m on hand a year earlier, while net debt was approximately £34.7m, a marked reduction compared to the £41.2m on 31 December 2018.
As of 1130 BST, Redde shares were up 4.86% at 112.20p.