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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| AI Claims | ACS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 24.25 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 24.25 |
| Top Posts |
|---|
Posted at 10/11/2006 12:30 by scotswhaehae getting underway nicely now...even a little from small investor buying is helping...undelying the rise though is a fairly lumpy order imho...which might take a few days to be revealed...we shall see... I have re-visited my spreadsheet...still think the high 20s is a 'fair' price so in current markets we may see the 30s... good luck all! |
Posted at 24/1/2006 00:18 by alexacj A bit of late night reading for those that like a bit of history(from 2002)!Thought I'd better add(after being rightly reminded that this is an old article!) that I posted this ONLY to show the history of the company from it's early days as Millenium.......for anyone wishing to trace the company's and people involved at the start that has lead to AI Claims today! Auto Indemnity: a vehicle for the long haul THE BUSINESS Auto Indemnity (AI), provider of accident management services to individuals and companies whose cars are involved in road accidents through no fault of their own, has suffered losses and faced controversy in recent years. But it has got to grips with its problems and is poised to embark on a profitable future. Deals with insurers and key affinity groups are swelling its business. Together with a move from commission work to direct referrals, these changes are producing a virtuous circle after nearly three years' of crisis. The company is the product of a merger in late 1999 between Ofex-traded Millennium and the original group. Millennium, whose former boss Adrian Palmer one-time chief executive of car maker Group Lotus became chief executive of the combined group, started life as a would-be mining company. It tried its hand at car dealing, thought better of it and became a shell company. Auto Indemnity was set up in 1991 by Blackpool solicitor Andrew Gorton to obtain temporary hire cars for no-fault accident victims and finance for repairs. It was a fast-growing sector of the market, offering abundant opportunities for efficient operators to quickly expand through a growing network of franchisees. Efficiencies and cost-savings could be achieved through centralised vehicle fleet management AI had 450 cars and cashflow enhanced through services such as invoice discounting. In effect, AI, which had 13 franchises covering the entire UK, was reversed into Millennium. The deal, which was accompanied by a £3.7 million placing at 42p a share, valued the combined group at £10 million. A company with AI's nationwide coverage looked ideally placed to reap the benefits. Business was easier to obtain and charges not queried because, almost invariably, it was motorists' insurers rather than motorists themselves who footed the bill. In the year to March 1997, AI made £904,000 pre-tax on £4.9 million turnover. Although increased bad debts in 1997-8 cut the pre-tax surplus to £519,000, the fundamentals still appeared attractive. Then the worm turned. Insurance companies had long resented paying the credit terms fixed between accident management companies and car hire companies and repair garages. Matters came to a head when a test case, Dimond versus Lovell, went to the House of Lords. AI was not in the front line of this dispute. That unenviable position was occupied by Helphire, whose shares took a battering. But the judgment forced AI to make a £1.2 million provision against debtors, which translated into a £1.1 million loss for 1998-9. With the year-end changed to December, the company in 2000 lost £962,000 on its basic business. Goodwill write-offs and other balance-sheet nasties turned this into a deficit of no less than £4.9 million. Palmer and his co-directors realised they had to bite the bullet. If they could not beat the insurers, they had better join them, so they did. AI decided to subscribe to the Association of British Insurers' general terms of agreement. Credit car hire rates fell, but volume soared. By early 2001 weekly hirings had risen by nearly 400 per cent. More insurance firms were referring motorists to AI. There was a side benefit, too. It had previously relied on referrals from brokers or garages, which took commissions. Direct referrals cut out commissions. In February last year the firm raised £2.5 million to help fund an internal reorganisation, at a depressed 10p a share. The shares have trebled to 30p, valuing the enlarged company at £18 million. Analysts have predicted 2001 profits of more than £850,000, before tax and exceptionals. MANAGEMENT, CULTURE & RISKS At nearly 50, Palmer became a director of Lotus Cars in the early 1990s, and managing director of Group Lotus in 1993. After that, he ran The Hansom Group, a London radio circuit and taxi fleet operator, before joining Millennium at the end of 1997. He is seen as an astute operator, and showed his adaptability by coping with the challenges that forced the firm to radically alter its business model. It is crucial AI comes to terms with insurers and leading car hire groups, and he has grasped this nettle. Non-executive chairman Charles Good joined the Millennium board seven years ago. The managing director of Ely Fund Managers graces the boards of a range of firms including The Incepta Group and English Trust, providing a link with the City. The management has a range of skills and experience. The experience of recent years has been chastening, but this has not restrained the pursuit of growth and deals provided they are shown to make financial sense. GROWTH PROSPECTS After the Dimond versus Lovell case, Palmer realised the company would have to do business differently to remain a lead player. One of the most important steps he took was to end the feud with insurers. Among other benefits, this noticeably sped up the process of collecting cash from insurers. It also set about forging direct links with insurance companies and other groups. The company has signed cross-referral deals with the RAC and telephone-based insurer Direct Line, among others. Cost-cutting has been a priority. The company's direct referral arrangements have cut out many (expensive) middlemen. Moreover, running a fleet of cars now makes much less sense than it did following changes to the tax rules, so AI has disposed of its 450 vehicles. Instead, it has an agreement with giant car hire group Avis that guarantees a replacement hire car for a no-fault accident victims anywhere in the UK within four hours. AI now has the means to win wider recognition on the back of a household name. In the process, it has brought welcome relief to its own balance sheet. It is a business where cashflow is pivotal. On this front, the arrangements AI has in place have dramatically improved the outlook. As Growth Company Investor went to press, AI's final results for 2001 had not been published. Stephen Thomas, an analyst at the broker Teather & Greenwood, that reckons the firm will report £870,000 pre-tax profit before exceptionals, falling to £560,000 pre-tax after, producing earnings per share of 1.54p pre-exceptionals and 0.9p post. Thomas's estimate for 2002 is £1.4 million pre-tax. This would produce earnings of 2.32p, putting the company on a forward p/e of 12.9. This makes Auto a medium- to long-term 'buy'. Sector:Support Services Share price now:30p Mkt Cap:£18m Listing:Aim 12 month high/low:33.75p/9.25 |
Posted at 29/9/2005 18:59 by elmfield Happy enough with these results, I hope that other investors will be taking a closer look, 30P plus would look possible on run up to Agm and, I hope, good news. The dividend is a nice starter with prospects of an interim this year. Could we be taken over if share does not move on up? |
Posted at 30/8/2005 11:19 by lord orphan A few nervous investors ahead of the figures. What's new in that? |
Posted at 27/7/2005 23:11 by janeann hi babysitter..... i tried the evoultion site some while ago and couldnt get in as a private investor. will look at the link |
Posted at 08/3/2005 13:35 by barnetpeter Another big fall and the finger is pointed to doom. From the chart above, the 2003 low point is here. Break this level and 10p next stop. The company will still be worth around 5 million at that price - why should it be worth more when the best is a "small profit"?The directors should have kept their mouths shut but heres a thought. If you read the Zurich axioms book, it tells the story of a director who was upbeat about the company but the hint is that he might have been selling short. The unfortunate director "buy" in ACS was followed in by a lot of smaller investors at about the 30p level convinced good news was a certainty. Naturally I am sure it was all above board and just a mistake but handy for those who were trying to sell before the profit warning wasn't it? |
Posted at 02/3/2005 11:02 by rivaldo Don't think anyone has posted EVO's new ACS note here (dated 28/2/05)?- a target price of 25p - 0.3p EPS to June'05 and 3.1p EPS to June'06 - 0.3p divi to June'05 and 0.5p divi to June'06 The conclusion: "However the business is seeing a turnaround in 2H05. through how fast and how far it has progressed by June have a short-term impact on the y/e numbers. But, as we argued in November, investors taking a longer-term view will see the company has a sustainable business model, a management team experienced in the sector, and a strong and unique relationship with the large motor insurance companies. Once the job referrals start to flow in full volume from the new sources, the business should be capable of >£3m PBT p.a. and will see a valuation of almost 3x the £13m market capitalisation today. We retain our Add recommendation, but cut our six month target price to 25p. Interim results are due shortly." |
Posted at 22/2/2005 15:36 by shanklin Just spoke with one of the directors. FWIW, apparently this is all down to timing issues relating to bringing new insurers on line. No insurers have walked away. Evo are working on an updated broker note. Interim results in less than 3 weeks when hopefully we'll see some director buys. I commented that it was unnerving for investors to get consecutive RNSs stating things were going badly, well and then badly again. Apparently, ACS may try and smooth this out by providing RNSs when they get significant contract wins even if they are unable to name the relevant company... ...just give the relevant financial details. Less than delighted but have decided to hold. Hopefully impact on EPS forecast for next year will not be too great although I have no idea what Evo will suggest in this respect. Cheers, Martin |
Posted at 22/2/2005 13:12 by amorruso You're right the first time Super....investors pile in after the big jump. Hardly any stock circulating in this one (normally) and the only time to buy is now i.e. before results if you think you are on to a good 'un.Molins is up 11% as I write because it was also sold off too low. ACS will leave MLIN standing next week. I think this might actually start to shift any day now as MM's may want to protect their positions. Amo |
Posted at 15/2/2005 20:31 by amorruso I managed to add earlier today before the T traders move in. T10 territory begins on Wednesday (tomorrow) with other buyers speculating on the results. I also believe that there will be many investors sitting on the sidelines waiting on that signal that everything is back on track.I see this being an easy doubler in a very short period of time if the 2nd half even just meets Evo's forecast. Also, good to see this thread so quiet with the masses still to arrive. Amo |
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