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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
AI Claims | LSE:ACS | London | Ordinary Share | GB0009374090 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMACS
RNS Number : 1014T
AI Claims Solutions PLC
01 December 2011
Ai Claims Solutions PLC
("Ai" or the "Company")
AGM Statement
At our full year results announcement in September the board noted confidence in Ai's resilient operating model, but cautioned on weak economic conditions and reduced accident frequencies.
Since then, as has been reported elsewhere across the motor claims market, we have continued to see accident frequencies below historical levels, although broadly in line with our cautious planning assumptions. We had however expected numbers to recover some of the shortfall from November onwards but, in line with most businesses in the UK, we are now more pessimistic about economic recovery than we were in June.
We have also witnessed a reduction in average replacement hire periods from 18 days last year to 16 days, which is lower than we forecast. Whether volume and consequently hire periods return closer to more normal volumes during the traditional busy winter period will prove critical to our ability to meet market forecasts, but we are planning on the assumption that they will not do so. We will of course have a much clearer view of this by the time of the interim results.
In a positive note we maintain our tight focus on our balance sheet and I am pleased to report that we have achieved further successes on block settlement, where sums totalling GBP5m with a number of insurers will be received before 31 December 2011. The settlements will again be achieved with no diminution in the carrying value of receivables. We expect our outturn for borrowings to be lower than market forecasts.
I am also pleased to report the appointment to the Board, with effect from 13th December, 2011 of Simon Pook, who joins us as Chief Operating Officer. Simon was previously Managing Director - Claims at Homeserve where he successfully implemented significant changes to claims handling processes.
For further information, please contact:
Ai Claims Solutions plc David Sandhu 0844 571 3108 Peter Harrison 0844 571 3200 Shore Capital & Corporate Ltd Dru Danford / Stephane Auton 0207 408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
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