29 June 2020
“Record results in line with expectations; increased capacity leading to strong cash generation”
Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, announces its final results for the year ended 31 December 2019 (the ‘period’ or ‘FY 2019’).
Download To view a full version of the results in |
Financial Highlights
Note: The basis of preparation of the consolidated financial statements for the current and previous year is set out in the Financial Review.
Financial and Operational KPIs
KPI’s |
2019 |
2018 |
% movement |
Total revenues (£’000s) |
78,510 |
56,505 |
+38.9% |
Gross profit (£’000s) |
62,807 |
40,337 |
+55.7% |
Adjusted operating profit * (£000’s) |
25,250 |
17,169 |
+47.1% |
Adjusted operating profit margin* (%) |
32.2% |
30.4% |
+5.9% |
Vehicles on hire at the year-end (no) |
1,308 |
1,531 |
-14.6% |
Average vehicles on hire for the year (no) |
1,454 |
1,155 |
+25.9% |
Number of hire cases settled |
4,938 |
3,710 |
+33.1% |
Cash collections from settled cases (£’000s) |
84,140 |
58,100 |
+44.8% |
New cases funded (no) |
6,959 |
5,930 |
+17.4% |
Senior fee earners at period end (no) |
127 |
89 |
+42.7% |
Average number of senior fee earners (no) |
111 |
76 |
+46.1% |
Commenting on the Final Results, Alan Sellers, Executive Chairman of Anexo Group plc, said:
“I am pleased to report another year of financial and operational progress across Anexo as our focus on driving cash generation yields positive results. In 2019 we successfully grew our high quality legal team, allowing us to increase the number of cases settled and improve the working capital position of the Group.
“Our core business continues to be focused on the ever-increasing opportunities identified in the UK credit hire market, but the Board is also optimistic about the future outcome of our specialist advocacy team’s work on behalf of claimants in the VW emissions case, particularly with the support of the additional funding provided by the Group’s Placing in May 2020.
“We started the year well with high levels of cash collection continuing, and the Board is pleased to confirm that in the first four months of the year our credit hire operation was net cash positive. This is a key milestone for the Group. Looking forward, we are also conscious of the future uncertainty shaped by the current COVID-19 pandemic. Both our business divisions have remained fully operational throughout the past few months and the Group has demonstrated considerable resilience. Nevertheless, we continue to believe it is too early to provide forward looking financial guidance at this time.
“The Board remains confident of the Group’s capacity for organic growth and, given the resilience of our business and our strong financial position, believes Anexo is well positioned to weather the current storm and deliver near-term profitable growth to our shareholders. The Board is delighted to propose a dividend of 0.5p.”
Analyst Briefing
A conference call for analysts will be held at 10.30am today, 29 June 2020. A copy of the Final Results presentation is available at the Group's website: https://www.anexo-group.com/
An audio webcast of the conference call with analysts will be available after 12pm today:
https://webcasting.buchanan.uk.com/broadcast/5ee2345d5e278421d06982b7
For further enquiries:
Anexo Group plc | +44 (0) 151 227 3008 |
Alan Sellers, Executive Chairman Mark Bringloe, Chief Financial Officer Nick Dashwood Brown, Head of Investor Relations |
www.anexo-group.com |
Arden Partners plc (Nominated Adviser and Joint Broker) |
|
John Llewellyn-Lloyd/Benjamin Cryer (Corporate) Fraser Marshall (Equity sales) |
+44 (0) 20 7614 5900 www.arden-partners.co.uk |
Berenberg (Joint Broker) |
+44 (0) 20 3207 7800 |
Mark Whitmore/Yudith Karunaratna | www.berenberg.de |
Buchanan (Financial Communications) |
|
Henry Harrison-Topham / Steph Watson | +44 (0) 20 7466 5000 [email protected] |
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 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.
The Group was admitted to trading on AIM in June 2018 with the ticker ANX. For additional information please visit: www.anexo-group.com