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 ended 31 December 2019 ('FY-2019').
FY-2019 was a year of strong progress for Anexo. The Board is therefore pleased to announce that adjusted* profit before tax will be in line with current market expectations. This reflects the continued expansion of the Group’s legal services division and the consequent increase in cash collection.
Anexo has continued its strategy of keeping the number of vehicles in its credit hire division (EDGE) at a consistent level. The Group has at the same time maintained its policy of increasing the number of litigators within its legal division (Bond Turner), thereby driving increased case settlements and cash collection relative to investment in new cases. The Group is pleased to announce that monthly cash collections during H2-2019 have consistently exceeded the levels achieved in H1-2019.
The Bolton office of Bond Turner continues to recruit high quality litigators and support staff and in the second half of 2019 doubled the size of its office space to almost 20,000 sq.ft.
Following the success of the Bolton office, the Group is pleased to announce that Bond Turner expects to open an office in Leeds during Q1-2020. The Leeds office will initially be staffed by existing senior employees relocating from Bolton. This new regional office will offer excellent opportunities for the recruitment of further staff and the Group expects its headcount within Bond Turner to continue to expand.
Notice of Final Results
The Group will be announcing its Final Results for FY-2019 on Tuesday, 21 April 2020. An analyst briefing will be held on the day of results at 9.30 a.m. at the offices of Buchanan, 107 Cheapside, London EC2V 6DN.
*Adjusted for share based payments
For further enquiries:
|Anexo Group plc
Alan Sellers, Executive Chairman
Mark Bringloe, Chief Financial Officer
Nick Dashwood Brown, Head of Investor Relations
|+44 (0) 151 227 3008
|Arden Partners plc
(Nominated Adviser and Broker)
|John Llewellyn-Lloyd / Benjamin Cryer (Corporate)
Fraser Marshall (Equity sales)
|+44 (0) 20 7614 5900
|Henry Harrison-Topham / Steph Watson
||+44 (0) 20 7466 5000
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