Anexo Group PLC Trading Update & Notice of Interim Results (9588H)
06 August 2019 - 4:00PM
UK Regulatory
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 +44 (0) 151 227 3008
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 +44 (0) 20 7614 5900
(Corporate) www.arden-partners.co.uk
Fraser Marshall (Equity sales)
Buchanan
(Financial Communications)
Henry Harrison-Topham / Steph Watson +44 (0) 20 7466 5000
Anexo@buchanan.uk.com
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 rns@lseg.com or visit www.rns.com.
END
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