Anexo Group PLC Trading Update & Notice of Interim Results (9588H)

TIDMANX

RNS Number : 9588H

Anexo Group PLC

06 August 2019

 
 For immediate release   6 August 2019 
 

Anexo Group plc

('Anexo' or the 'Group')

FY-2019 Trading Update

New financing and insurance arrangements

Notice of Interim Results

Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, today provides the following Trading Update in respect of the year ending 31 December 2019 ('FY-2019').

The Group has recently successfully renegotiated its working capital facilities and has secured considerable improvement in its financing arrangements from both new and existing providers. The Group has also agreed new terms with its existing fleet insurance provider which are expected to deliver enhanced savings against the Group's original forecasts for the remainder of FY-2019 and for FY-2020. These achievements highlight the growing strength of the Group's negotiating position as well as the quality of the systems in place to mitigate risk. Furthermore, the targeting of specific claims types from the impecunious market place has allowed the Group to deploy capital into the most valuable claims, enhancing its average claim statistics and underlying profitability.

The growth of the new regional office of Bond Turner, the Group's legal services division, continues to result in increased levels of case settlements, cash collection and overall legal fee income. The Board is pleased to announce that the increased capacity generated by its expansion has achieved a record level of cash collection for the month of July 2019.

Taking these matters together, the Board now confirms that profit before tax will significantly exceed current market expectations of GBP20.0 million.

The Group will announce its Interim Results for the six months ended 30 June 2019 ('H1-2019') on Tuesday, 10 September 2019. A presentation for analysts will be held on the day of results at 9.30 a.m. at the offices of Buchanan, 107 Cheapside, London EC2V 6DN.

-Ends-

For further enquiries:

 
 Anexo Group plc                                [phone] 
                                                 www.anexo-group.com 
 Alan Sellers, Executive Chairman 
  Mark Bringloe, Chief Financial Officer 
  Nick Dashwood Brown, Head of Investor 
  Relations 
  Arden Partners plc 
   (Nominated Adviser and Broker) 
 John Llewellyn-Lloyd / Benjamin Cryer          [phone] 
  (Corporate)                               www.arden-partners.co.uk 
  Fraser Marshall (Equity sales) 
  Buchanan 
   (Financial Communications) 
 Henry Harrison-Topham / Steph Watson           [phone] 
                                               [e-mail] 
 

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 1,100 plus active referrers 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.

The Group was admitted to trading on AIM in June 2018 with the ticker ANX.

For additional information please visit: www.anexo-group.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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August 06, 2019 02:00 ET (06:00 GMT)