Redde has improved its FY pretax profit and revenues, and issued a confident outlook for the current financial year. Pretax profit for the year was £31.3m, from £24.3m, while revenue rose to £379.2m, from £248.7m. "This is a strong set of results driven through the delivery of our Growth, Profitability and Sustainability ("GPS") strategy which continues to be our focus," said CEO Martin Ward in a statement. "We have seen good levels of LFL growth and the performance of FMG, acquired in October 2015, has been solid. The new period has started well and together with the pipeline of opportunities the board remains confident on the prospects of the Group." Redde said the new financial year had started well with performance in this short period since the year end being ahead of its expectations and the corresponding period last year. It added that volumes were increasing through a combination of new business wins and existing customer growth. "These developments, together with the combination of our recent strategic acquisition, organic growth and further planned improvements in operational and administrative efficiency, continues to give the Board encouragement for the future."
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