ZigUp holds guidance as vehicle hire grows

(Sharecast News) - Vehicle rental firm Zigup on Tuesday held annual guidance and said it had performed well over the first four months of the current financial year with vehicles on hire (VoH) ahead of 2024. The company - formerly Redde Northgate - added that good supply had supported its fleet replacement plans.

"Activity levels in claims & services are as expected, alongside continued stable hire durations and it is now entering the traditionally busier autumn and winter period," the company added in a trading statement ahead of its annual meeting of shareholders.

"We have extended contracts with a number of insurance customers in this period, typically including expanded capacity or products. This reflects the benefits customers see in our integrated offering. We are also preparing for the go-live of a new significant insurance broker customer. "

Zigup said it had opened a new operations control centre to help grow specialist roadside assistance services and also launched another direct hire portal for an unnamed "major" insurance partner.

Reporting by Frank Prenesti for Sharecast.com