ZIGUP lifts profit expectations as Spanish fleet and claims volumes expand

ZIGUP ($ZIG) now expects full-year adjusted pretax profit at the top of the market’s £163.2 million–£170.0 million range, following a strong first four months. Management attributed the improvement particularly to Spain and FMG. Average vehicles on hire were more than 5% above the prior year at the end of August, while the Spanish fleet exceeded 80,000 vehicles.

FMG also benefited from stronger volumes, including the renewal and expansion of a Motability contract through a major insurance partner. The update suggests that recent network investment is translating into higher activity across the mobility-services group. Leverage remained within the targeted one-to-two-times range, supported by £1.8 billion of fleet assets. The higher profit expectation is a forecast rather than an achieved result, and UK and Ireland simplification work remains ongoing.

Sources:

• ZIGUP RNS trading statement