- Group secures new contracts with Tesco and Admiral
- EV transition could cause problems further down the line
Road traffic accidents rarely spell good news. However, for Redde Northgate (REDD) busier roads post-lockdown have provided a welcome boost to revenues. The car hire, sales and insurance group is now gaining momentum after its 2020 merger, but progress could be impeded by the UK’s imminent transition to electric vehicles.
Across the UK and Ireland, hire revenue was up 16 per cent in the six months to 31 October, and rental profit has almost doubled following rate increases and more demand for vans. Spain also saw revenue and profit rise, albeit not as sharply.