- Accident management support group Redde downgraded its 2020 revenue and earnings guidance after it had failed to secure the renewal of a key hire and repair contract with a large insurer it didn't name.

The existing contract ran through into the next financial year and there would be no impact on adjusted operating profits in the current financial year ending 30 June, the company said.

The loss of the contract would lead to a net reduction in sales of around £111.9m, representing 18.2% reduction compared to consensus market expectations.

It would also result in a reduction in adjusted operating profits of around £4.7m, or around 8.7% below consensus.

'After 10 years of partnership, the board is obviously disappointed not to have secured the renewal of this contract,' Redde said.

'However, as announced in the interim results on 27 February 2019, the pipeline of new business is nevertheless encouraging with a number of live prospects.'

At 1:28pm: [LON:REDD] Redde share price was -33.3p at 103.5p

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