Redde picking big profit after strong December trading

Strong trading volumed led a recently-expanded Redde to reconsider its profit expectations for the current period on Thursday.

The AIM-listed professional services group updated the market on Thursday, confirming increased trading volumes had continued through to December.

It followed a strong start to the financial year, as indicated in Redde's trading updates in September and October.

The company said it was now anticipating trading profits for the six months to December 31 to exceed earlier expectations, and were likely to be "materially ahead" of the corresponding period last year.

"The successively strong performance of the group delivered under our growth, profitability and sustainability strategy is generating good returns for our shareholders", said Redde CEO Martin Ward.

"The acquisition of FMG, which completed in October 2015, has enabled us to broaden our reach into new and related markets and diversify our earnings", he added.

Redde's board said it expected to declare an interim dividend at the time of the half-year results of no less than 4.4p per share.

The group's dividend at the end of the financial year on June 30 was 4p per share.

Redde planned to announce its six month results to December 31 at the end of February 2016.