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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Anexo Group Plc | LSE:ANX | London | Ordinary Share | GB00BF2G3L29 | ORD 0.05P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.00 | 1.59% | 64.00 | 63.00 | 65.00 | 64.00 | 63.00 | 63.00 | 223,342 | 14:01:01 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Services, Nec | 138.33M | 19.48M | 0.1651 | 3.88 | 75.52M |
TIDMANX
RNS Number : 9257Z
Anexo Group PLC
20 September 2022
For immediate release 20 September 2022
Anexo Group plc
('Anexo' or the 'Group')
Interim Results for the six months ended 30 June 2022
"Significant revenue and profit growth with unchanged outlook for the year"
Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, is pleased to report its Interim Results for the six months ended 30 June 2022 ('H1 2022' or the 'period')
Financial Highlights
H1 2022 H1 2021 Movement Revenue GBP68.6 million GBP48.3 million +42.0% Operating profit GBP16.1 million GBP10.4 million +54.8% Profit before tax GBP13.6 million GBP8.9 million +52.8% Net assets GBP137.8 million GBP117.8 million +17.0% Cash collection GBP67.9 million GBP56.7 million +19.8% Basic EPS 9.3 pence 6.1 pence +52.5% -- Revenue increased 42% to GBP68.6 million (H1 2021: GBP48.3 million) from increased vehicles on hire and growth in legal fee earners -- Operating profit increased 55% per cent to GBP16.1 million (H1 2021: GBP10.4 million) from improved cash collections, leverage of overhead, maximising opportunities within credit hire and an improved vehicle mix -- Cash collections from settled cases increased 20% to GBP67.9 million (H1 2021: GBP56.7 million) with strong sales growth driving an increase in Trade Receivables to GBP209.8 million (30 June 2021: GBP160.5 million, 31 December 2021: GBP188.1 million) -- Net debt (including lease liabilities) as 30 June 2022: GBP74.2 million (30 June 2021: GBP44.4 million, 31 December 2021: GBP62.0 million)
Operational Highlights
* The Group has shown robust growth across both its divisions with strong growth in Group vehicle numbers and high-quality senior fee earner recruitment in the legal division * Vehicle numbers which grew rapidly in the first half of the year are now being carefully managed to maximise efficient use of working capital * The number of Group vehicles on the road on 31st August 2022 was 1,828 * The proportion of the vehicle fleet composed of motorcycles continues to increase following the agreement with MCE Insurance in the fourth quarter of 2021 * Good progress is being made with the Volkswagen AG ("VW") emissions case ahead of the scheduled court date in early 2023. The Group has committed the GBP2 million of funding raised at the end of 2021 towards the acquisition of Mercedes emissions cases. Total cumulative investment in both VW and Mercedes cases is GBP5.8 million, all of which has been expensed including GBP1.3 million in the first half of 2022 (H1 2021: GBP0.5 million) * The Group's burgeoning Housing Disrepair ("HDR") business has gained significant traction in the first half, with approximately 2,300 cases overall, of which almost 600 settled in the first half of the year. HDR revenue more than doubled in the first half to GBP4.7 million (2021: GBP2.2 million), with profit of GBP2.4 million (2021 H1: GBP1.1 million). Outlook The Group has shown robust growth during the period and plans to optimise cash generation in the second half year. The Board has confidence in meeting market expectations for the year with a focus on improving the vehicle mix, building on the strong progress in Housing Disrepair and maximising the emissions opportunities. KPIs H1 2022 H1 2021 Movement Number of vehicles on hire at the period end 1,947 1,740 +11.9% Average number of vehicles on hire for the period 2,043 1,461 +39.8% Completed vehicle hires 5,501 4,081 +34.8% Number of hire cases settled 3,563 2,924 +21.9% Number of new cases funded 5,082 4,208 +20.8% Cash collections from settled cases (GBP'000s) 67,931 56,665 +19.9% Legal staff employed at period end 633 578 +9.5%
Commenting on the Interim Results, Alan Sellers, Executive Chairman of Anexo Group plc, said:
"I am delighted to report that the Group has continued its strong performance during the first half of the year. Business activity in both our credit hire and legal services divisions has grown strongly.
"We are proud of the social value of the services we offer. Anexo provides assistance to people who find themselves in an invidious position through no fault of their own, whether through being deprived of an essential vehicle or through living in substandard housing conditions, along with the other problems which may be exacerbated by such situations. We remain committed to providing help to those who might otherwise be unable to obtain redress.
"We continue to manage our vehicle fleet carefully and to maximise cash collections by identifying appropriate hire opportunities, particularly within the motorcycle sector; this allows for more efficient use of working capital whilst also increasing the overall number of case settlements.
"The strong progress being made in housing disrepair and emissions will underpin the continued growth in the core business, and the Board remains confident in meeting market expectations for the year."
- Ends -
Results Conference Call
An analyst conference call will be held at 09:30 BST today, 20 September 2022. Retail investors will also be able to listen to the call but will not be eligible to ask questions. A copy of the Interim Results presentation is available at the Group's website: https://www.anexo-group.com/ . Please contact Nick Dashwood Brown, Head of Investor Relations, at nick@anexo-group.com if you would like to join the call.
An audio webcast of the conference call with analysts will be available after 12:00 BST today on the Company's website: https://www.anexo-group.com/.
For further enquiries:
Anexo Group plc +44 (0) 151 227 3008 www.anexo-group.com Alan Sellers, Executive Chairman Mark Fryer, Chief Financial Officer Nick Dashwood Brown, Head of Investor Relations WH Ireland Limited (Nominated Adviser & Joint Broker) Chris Hardie / Darshan Patel / Enzo +44 (0) 20 7220 1666 Aliaj (Corporate) www.whirelandplc.com/capital-markets Fraser Marshall / Harry Ansell (Broking) Arden Partners plc (Joint Broker) John Llewellyn-Lloyd / Louisa Waddell +44 (0) 20 7614 5900 (Corporate) www.arden-partners.co.uk Tim Dainton (Equity sales)
Notes to Editors:
Anexo is a specialist integrated credit hire and legal services provider. The Group has created a unique business model by combining a direct capture Credit Hire business with a wholly owned Legal Services firm. The integrated business targets the impecunious not at fault motorist, referring to those who do not have the financial means or access to a replacement vehicle.
Through its dedicated Credit Hire sales team and network of over 1,100 active introducers around the UK, Anexo provides customers with an end-to-end service including the provision of Credit Hire vehicles, assistance with repair and recovery, and claims management services. The Group's Legal Services division, Bond Turner, provides the legal support to maximise the recovery of costs through settlement or court action as well as the processing of any associated personal injury claim. Bond Turner is also involved in litigation relating to Housing Disrepair and emissions claims against major motor manufacturers.
For additional information please visit: www.anexo-group.com . To subscribe to our investor alert service and receive all press releases, financial results and other key shareholder messages as soon as they become available, please visit: https://www.anexo-group.com/content/investors/alert.asp .
Executive Chairman's Statement
On behalf of the Board, I am pleased to introduce Anexo's results for the six-month period ended 30 June 2022. The Group has continued to demonstrate the effectiveness of its business model. Vehicle numbers within the credit hire division have grown, while increased case settlements within the legal services division have ensured a good rise in cash collections.
Demand for hire vehicles shows no signs of abating. We continue to recruit staff in targeted areas within the legal services division, while case settlements and cash collections continue to grow. This points to plenty of opportunities for the Group, albeit at lower levels of growth to ensure that cash generation can be further improved.
H1 2022 Group Performance
Anexo has delivered a strong performance across all key Group financial metrics and KPIs over the first six months of the year. Group revenues in H1 2022 increased by 42% to GBP68.6 million (H1 2021: GBP48.3 million) and profit before tax rose by 52% to GBP13.6 million (H1 2020: GBP8.9 million).
Credit Hire Division
Demand for vehicles has remained strong throughout the period following the decisive return of traffic levels to pre-pandemic levels. The average number of vehicles on the road during H1 2022 reached 2,043 (H1 2021: 1,461), a 40% increase on the prior year. The Group is committed to careful management of vehicle numbers to maximise efficient use of working capital; as a consequence, the overall number of vehicles on the road has been declining toward the end of the first half of the year and at the period end the number stood at 1,947. This still represents an 11.9% increase on the H1 2021 number but shows a reduction of 17.7% on the 2,366 vehicles on the road at the end of FY 2021.
This performance led to growth in Credit Hire revenue of 62%, up from GBP26.3 million in H1 2021 to GBP42.5 million in H1 2022. Profit before tax in the Credit Hire division rose by 36% to GBP10.9 million in H1 2022 (H1 2021: GBP8.0 million). Completed vehicle hires rose by 35% to 5,501 in H1 2022 (H1 2021: 4,081). This increase has been supported by the agreement with MCE Insurance announced on 25 November 2021 as well as by a number of protocols with insurance counterparties.
Legal Services Division
Credit Hire
The Group remains committed to its strategy of increasing its claim settlement capacity, thereby maximising cash collections. The number of senior fee earners employed at the end of H1 2022 rose by 41% to 247 (H1 2021: 175) and the overall number of legal staff rose from 578 in H1 2021 to 633 in H1 2022, an increase of 10%.
This investment has underpinned continued growth in cash collections, which rose 20% in H1 2021 to a total of GBP67.9 million (H1 2021: GBP56.7 million). Revenues from the Legal Services division, which strongly converts to cash, increased by 8.1% to GBP21.4 million in H1 2022 (H1 2021: GBP19.8 million). Profit before taxation rose from GBP1.5 million in H1 2021 to GBP2.5 million in H1 2022, an increase of 67%. The Group expects this revenue trend to continue as more of our staff reach maturity from a cash collection and settlement position.
Housing Disrepair
The Group's Housing Disrepair ("HDR") division continues to show significant growth. The number of ongoing claims currently stands at approximately 2,300 cases. HDR continues to require additional cash funding; this amounted to GBP0.3 million in the first half year, with profit of GBP2.4 million (2021 H1: GBP1.1 million).
Emissions Litigation
The advocacy team continues to act on behalf of a number of individuals in the pursuit of a claim against VW and its subsidiaries (the "VW Emissions case"). The Group announced on 26 May 2022 that it is engaged in approximately 13,000 cases. The Group remains in discussions with VW and its representatives around a possible settlement of these claims.
The Group continues to pursue other emissions cases, particularly in relation to Mercedes Benz. Total expenditure that has been expensed in the H1 2022 is GBP1.3 million (H1 2021: GBP0.5 million). The Group currently has approximately 4,000 Mercedes cases.
The Board believes there is a significant short-term opportunity to accelerate growth in emissions claims against specific vehicle manufacturers, as well as HDR claims. Accordingly, the Group has negotiated an increase in its loan agreement with Blazehill Capital, first announced on 11 May 2022, from GBP7.5 million to GBP15 million. The funds will be drawn down immediately to take advantage of this opportunity. The costs in targeting further emissions claims will be expensed in the normal way and the Group will update the market with details of emissions expenditure on a regular basis.
Dividend
The Board believes that the emissions opportunity warrants significantly increased investment over the next few months and has therefore resolved that the interests of the Group and its shareholders would be best served by paying an annual dividend following the announcement of the Group's full year results.
Outlook
The Group has shown robust growth in the first half and plans to optimise cash generation in the second half year with a focus on improving the vehicle mix. The Board has confidence in meeting market expectations for the year with a focus on continuing the strong progress in Housing Disrepair and maximising the emissions opportunities.
Alan Sellers
Executive Chairman
20 September 2022
Consolidated Statement of Comprehensive Income
For the unaudited period ended 30 June 2022
Unaudited Unaudited Audited Half year Half year ended ended Year ended 30-Jun-22 30-Jun-21 31-Dec-21 Note GBP'000s GBP'000s GBP'000s Revenue 2 68,610 48,316 118,237 Cost of sales (16,253) (10,668) (26,756) ---------- ---------- ----------- Gross profit 52,357 37,648 91,481 Depreciation & profit / loss on disposal (5,561) (3,809) (8,504) Amortisation (74) (65) (137) Administrative expenses (30,759) (23,171) (55,112) Operating profit before share based payments 15,963 10,603 27,728 ---------- ---------- ----------- Share based payment charges 175 (236) (378) Non-recurring administrative expenses - - - Operating profit 16,138 10,367 27,350 ---------- ---------- ----------- Net financing expense (2,500) (1,456) (3,604) ---------- ---------- ----------- Profit before tax 13,638 8,911 23,746 Taxation (2,734) (1,810) (4,598) Profit and total comprehensive income for the year attributable to the owners of the company 10,904 7,101 19,148 ---------- ---------- ----------- Earnings per share Basic earnings per share (pence) 9.3 6.1 16.5 ---------- ---------- ----------- Diluted earnings per share (pence) 9.3 6.0 16.2 ---------- ---------- -----------
The above results were derived from continuing operations.
Consolidated Statement of Financial Position
Unaudited at 30 June 2022
Unaudited Unaudited Audited 30-Jun-22 30-Jun-21 31-Dec-21 Assets Note GBP'000s GBP'000s GBP'000s Non-current assets Property, plant and equipment 3 2,323 2,217 2,071 Right-of-use assets 16,816 13,337 16,896 Intangible assets 112 238 188 Deferred tax assets 112 112 112 ---------- ---------- ---------- 19,363 15,904 19,267 ---------- ---------- ---------- Current assets Trade and other receivables 4 209,817 160,485 188,134 Corporation tax receivable - 439 - Cash and cash equivalents 1,247 1,418 7,562 211,176 162,342 195,696 ---------- ---------- ---------- Total assets 230,427 178,246 214,963 ---------- ---------- ---------- Equity and liabilities Equity Share capital 59 58 58 Share premium 16,161 16,161 16,161 Share based payment reserve - 1,935 2,077 Retained earnings 121,554 99,621 109,928 ---------- ---------- ---------- Equity attributable to the owners of the Group 137,774 117,775 128,224 ---------- ---------- ---------- Non-current liabilities Other interest-bearing loans and borrowings 5 20,710 3,029 13,814 Lease liabilities 8,462 7,382 8,430 Deferred tax liabilities - 32 32 29,172 10,443 22,276 ---------- ---------- ---------- Current liabilities Other interest-bearing loans and borrowings 5 37,235 28,781 38,499 Lease liabilities 9,018 6,619 8,833 Trade and other payables 9,966 9,108 12,635 Corporation tax liability 7,262 5,520 4,496 63,481 50,028 64,463 ---------- ---------- ---------- Total liabilities 92,653 60,471 86,739 ---------- ---------- ----------
Total equity and liabilities 230,427 178,246 214,963 ---------- ---------- ----------
Consolidated Statement of Changes in Equity
For the unaudited period ended 30 June 2022
Share based Share Share payment Retained capital premium reserve earnings Total GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s At 1 January 2022 58 16,161 2,077 109,928 128,224 Profit for the period and total comprehensive income - - - 10,904 10,904 Issue of share capital 1 - - - 1 Share based payment charge - - (175) - (175) Transfer of share based payment reserve - - (1,902) 1,902 - Dividends - - - (1,180) (1,180) At 30 June 2022 59 16,161 - 121,554 137,774 --------- ----------- ----------- ---------- --------- At 1 January 2021 58 16,161 1,699 92,520 110,438 Profit for the period and total comprehensive income - - - 7,101 7,101 Issue of share capital - - - - - Share based payment charge - - 236 - 236 Dividends - - - - - At 30 June 2021 58 16,161 1,935 99,621 117,775 --------- ----------- ----------- ---------- --------- Profit for the period and total comprehensive income - - - 12,047 12,047 Share based payments charge - - 142 - 142 Adjustment - - - - - Dividends - - - (1,740) (1,740) At 31 December 2021 58 16,161 2,077 109,928 128,224 --------- ----------- ----------- ---------- ---------
Anexo Group Plc
Consolidated Statement of Cash Flows
For the unaudited period ended 30 June 2022
Unaudited Unaudited Half year Half year Audited ended ended Year ended 30-Jun-22 30-Jun-21 31-Dec-21 GBP'000s GBP'000s GBP'000s Cash flows from operating activities Profit for the year 10,904 7,101 19,148 Adjustments for: Depreciation and profit / loss on disposal 5,561 3,809 8,504 Amortisation 74 65 137 Financial expense 2,500 1,456 3,604 Share based payment charge (175) - 378 Taxation 2,734 1,810 4,598 ---------- ---------- ------------ 21,598 14,241 36,369 Working capital adjustments Increase in trade and other receivables (21,682) (12,577) (40,224) Increase in trade and other payables (2,667) (160) 3,131 ---------- ---------- ------------ Cash generated from operations (2,751) 1,504 (724) Interest paid (2,380) (1,335) (3,364) Tax repaid - 154 (3,219) Net cash from operating activities (5,131) 323 (7,307) ---------- ---------- ------------ Cash flows from investing activities Proceeds from sale of property, plant and equipment 722 448 941 Acquisition of property, plant and equipment (1,285) (497) (1,439) Investment in intangible fixed assets - (70) (91) Net cash from investing activities (563) (119) (589) ---------- ---------- ------------ Cash flows from financing activities Proceeds from new loans 10,265 908 25,039 Dividends paid (1,180) - (1,740) Repayment of borrowings (4,753) (4,171) (7,951) Lease payments (4,953) (3,743) (8,110) Net cash from financing activities (621) (7,006) 7,238 ---------- ---------- ------------ Net decrease in cash and cash equivalents (6,315) (6,802) (658) Cash and cash equivalents at 1 January 7,562 8,220 8,220 Cash and cash equivalents at period end 1,247 1,418 7,562 ---------- ---------- ------------
Anexo Group Plc
Notes to the Interim Statements
For the unaudited period ended 30 June 2022
1. Basis of preparation and significant accounting policies
The condensed consolidated financial statements are prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard ('IAS') 34, 'Interim Financial Reporting'.
The information for the year ended 31 December 2021 does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor's report on these accounts was not qualified and did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain statements under Section 498 (2) or (3) of the Companies Act 2006.
The condensed unaudited financial statements for the six months to 30 June 2022 have not been audited or reviewed by auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.
The condensed consolidated financial statements have been prepared under the going concern assumption.
The Directors have assessed the future funding requirement of the Group and have compared them to the levels of available cash and funding resources. The assessment included a review of current financial projections to December 2023. Having undertaken this work, the Directors are of the opinion that the Group has adequate resources to finance its operations for the foreseeable future and accordingly, continue to adopt the going concern basis in preparing the Interim Report.
2. Segmental Reporting
The Group's reportable segments are as follows:
-- the provision of credit hire vehicles to individuals who have had a non-fault accident, and
-- associated legal services in the support of the individual provided with a vehicle by the Group and other legal service activities, and
-- vehicle emissions litigation, and -- Group and central costs.
Management monitors the operating results of business segments separately for the purpose of making decisions about resources to be allocated and of assessing performance.
Half year ended 30 June 2022
Housing Emissions Group and Credit Disrepair Central Hire Legal Services Costs Consolidated GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s Revenues Third party 42,503 21,392 4,715 - - 68,610 Total revenues 42,503 21,392 4,715 - - 68,610 ---------- --------------- ----------- ---------- ------------ ----------------- Profit before taxation 10,941 2,527 2,353 (1,278) (905) 13,638 ---------- --------------- ----------- ---------- ------------ ----------------- Net cash from operations (3,990) 2,228 (257) (1,278) (1,834) (5,131) ---------- --------------- ----------- ---------- ------------ ----------------- Depreciation 4,990 645 - - - 5,635 ---------- --------------- ----------- ---------- ------------ ----------------- Segment assets 176,822 46,927 6,358 - 320 230,427
---------- --------------- ----------- ---------- ------------ ----------------- Capital expenditure 1,198 87 - - - 1,285 ---------- --------------- ----------- ---------- ------------ ----------------- Segment liabilities 61,320 25,278 - 5,801 254 92,653 ---------- --------------- ----------- ---------- ------------ -----------------
Half year ended 30 June 2021
Housing Emissions Group and Credit Disrepair Central Hire Legal Services Costs Consolidated GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s Revenues Third party 26,306 19,795 2,215 - - 48,316 Total revenues 26,306 19,795 2,215 - - 48,316 ---------- --------------- ----------- ---------- ------------ ----------------- Profit before taxation 7,970 1,536 1,054 (477) (1,172) 8,911 ---------- --------------- ----------- ---------- ------------ ----------------- Net cash from operations 284 1,744 (531) (477) (697) 323 ---------- --------------- ----------- ---------- ------------ ----------------- Depreciation 3,138 736 - - - 3,874 ---------- --------------- ----------- ---------- ------------ ----------------- Segment assets 130,723 44,514 2,293 - 716 178,246 ---------- --------------- ----------- ---------- ------------ ----------------- Capital expenditure 243 254 - - - 497 ---------- --------------- ----------- ---------- ------------ ----------------- Segment liabilities 37,681 20,224 - 2,351 215 60,471 ---------- --------------- ----------- ---------- ------------ -----------------
Year ended 31 December 2021
Housing Emissions Group and Credit Disrepair Central Hire Legal Services Costs Consolidated GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s Revenues Third party 71,338 41,823 5,076 - - 118,237 Total revenues 71,338 41,823 5,076 - - 118,237 ---------- --------------- ------------ ------------ -------------- ----------------- Profit before taxation 19,811 4,423 2,592 (819) (2,261) 23,746 ---------- --------------- ------------ ------------ -------------- ----------------- Net cash from operations (10,654) 5,637 (568) (819) (903) (7,307) ---------- --------------- ------------ ------------ -------------- ----------------- Depreciation 7,205 1,436 - - - 8,641 ---------- --------------- ------------ ------------ -------------- ----------------- Segment assets 161,578 49,545 3,648 - 192 214,963 ---------- --------------- ------------ ------------ -------------- ----------------- Capital expenditure 998 441 - - - 1,439 ---------- --------------- ------------ ------------ -------------- ----------------- Segment liabilities 55,415 25,413 - 5,501 410 86,739 ---------- --------------- ------------ ------------ -------------- ----------------- 3. Property, Plant and Equipment Fixtures Fittings Property & Right of Office Improvement Equipment Use assets Equipment Total GBP'000s GBP'000s GBP'000s GBP'000s GBP'000s Cost or valuation At 1 January 2021 492 2,675 24,693 878 28,738 Additions - 287 4,213 57 4,557 Disposals - - (6,084) - (6,084) ------------ ---------- ----------- ---------- ----------- At 30 June 2021 492 2,962 22,822 935 27,211 Additions 2 163 8,394 28 8,587 Disposals - - (1,572) (334) (1,906) ------------ ---------- ----------- ---------- ----------- At 31 December 2021 494 3,125 29,644 629 33,892 Additions 152 193 5,845 266 6,456 Disposals - - (3,976) - (3,976) At 30 June 2022 646 3,318 31,513 895 36,372 ------------ ---------- ----------- ---------- ----------- Depreciation At 1 January 2021 297 859 11,612 702 13,470 Charge for year 13 270 3,560 31 3,874 Eliminated on disposal - - (5,687) - (5,687) ------------ ---------- ----------- ---------- ----------- At 30 June 2021 310 1,129 9,485 733 11,657 Charge for the year 12 289 4,479 38 4,818 Disposals - - (1,216) (334) (1,550) ------------ ---------- ----------- ---------- ----------- At 31 December 2021 322 1,418 12,748 437 14,925 Charge for the year 16 288 5,300 55 5,659 Adjustment / disposals - - (3,351) - (3,351) At 30 June 2022 338 1,706 14,697 492 17,233 ------------ ---------- ----------- ---------- ----------- Carrying amount At 30 June 2022 308 1,612 16,816 403 19,139 ------------ ---------- ----------- ---------- ----------- At 31 December 2021 172 1,707 16,896 192 18,967 ------------ ---------- ----------- ---------- ----------- At 30 June 2021 182 1,833 13,337 202 15,554 ------------ ---------- ----------- ---------- ----------- 4. Trade and Other Receivables Jun-22 Jun-21 Dec-21 GBP'000s GBP'000s GBP'000s Trade receivables - gross claim value 370,433 289,030 325,260 Settlement/impairment provision (205,966) (160,011) (178,867) ---------- ---------- ---------- Net trade receivables 164,467 129,019 146,393 Accrued income 44,177 30,258 39,431 Prepayments 821 1,093 1,849 Other debtors 352 95 461 209,817 160,465 188,134 ---------- ---------- ----------
The Group's exposure to credit and market risks, including impairments and allowances for credit losses, relating to trade and other receivables is disclosed in the financial risk management and impairment of financial assets note.
Trade receivables stated above include amounts due at the end of the reporting period for which an allowance for doubtful debts has not been recognised as the amounts are still considered recoverable and there has been no significant change in credit quality.
5. Borrowings Jun-22 Jun-21 Dec-21 GBP'000s GBP'000s GBP'000s Non-current loans and borrowings Revolving credit facility 10,000 - 10,000 Other borrowings 10,710 3,029 3,814 Lease liabilities 8,462 7,382 8,430 29,172 10,411 22,244 ----------- ----------- ----------- Current loans and borrowings Invoice discounting facility 31,364 15,449 29,258 Revolving credit facility - 8,000 - Other borrowings 5,871 5,332 9,241 Lease liabilities 9,018 6,619 8,833 46,253 35,400 47,332 ----------- ----------- -----------
Direct Accident Management Limited uses an invoice discounting facility which is secured on the trade receivables of that company. Security held in relation to the facility includes a debenture over all assets of Direct Accident Management Limited dated 11 October 2016, extended to cover the assets of Anexo Group Plc and Edge Vehicles Rentals Group Limited from 20 June 2018 and 28 June 2018 respectively, as well as a cross corporate guarantee with Professional and Legal Services Limited dated 21 February 2018.
In July 2020 Direct Accident Management Limited secured a GBP5.0m loan facility from Secure Trust Bank Plc, under the Government's CLBILS scheme. The loan was secured on a repayment basis over the three year period, with a three month capital repayment holiday.
Direct Accident Management Limited is also party to a number of leases which are secured over the respective assets funded.
The revolving credit facility is secured by way of a fixed charge dated 26 September 2019, over all present and future property, assets and rights (including uncalled capital) of Bond Turner Limited. The loan is structured as a revolving credit facility which is committed for a three-year period, until 13 October 2024, with no associated repayments due before that date. Interest is charged at 3.25% over the Respective Rate.
In July 2020 Anexo Group Plc secured a loan of GBP2.1m from a specialist litigation funder to support the investment in marketing costs associated with the VW Emissions Class Action. The terms of the loan are that interest accrues at the rate of 10% per annum, with maturity three years from the date of receipt of funding with an option to repay early without charge. In addition to the interest charges the loan attracts a share of the proceeds to be determined by reference to the level of fees generated for the Group.
In November 2021 a further GBP3.0m loan was sourced from certain of the principal shareholders and directors of the Group to support the investment in 2022 of the Mercedes Benz emissions claim. The terms of the loan are that interest accrues at the rate of 10% per annum, with maturity two years from the date of receipt of funding with an option to repay early without charge. In addition to the interest charges the loan attracts a share of the proceeds to be determined by reference to the level of fees generated for the Group.
- Ends -
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