13 September 2021
“Strong post-lockdown recovery offers new opportunities for growth”
Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, is pleased to report Interim Results for the six months ended 30 June 2021 (‘H1 2021’ or the ‘period’). The Board is pleased to report
that the Group continued its robust recovery throughout the gradual lifting of the third lockdown. Anexo has continued to invest in its business and the Board is confident in the outcome for FY 2021.
To view a full version of the results in
|H1 2021||H1 2020||Movement|
|Revenue||£48.3 million||£36.6 million||+31.9%|
|Operating profit||£10.4 million||£7.5 million||+38.5%|
|Profit before tax||£8.9 million||£6.3 million||+40.5%|
|Net assets||£117.8 million||£103.9 million||+13.3%|
|Cash collection||£56.7 million||£48.0 million||+18.1%|
|Basic EPS||6.1 pence||4.5 pence||+35.6%|
|KPIs||H1 2021||H1 2020||Movement|
|Number of vehicles on hire at the period end||1,740||1,380||+26.1%|
|Average number of vehicles on hire for the period||1,461||1,286||+13.6%|
|Completed vehicle hires||4,081||2,953||+38.2%|
|Number of hire cases settled||2,924||2,622||+11.5%|
|Cash collections from settled cases (£’000s)||56,665||47,961||+18.1%|
|Number of new cases funded||4,208||3,025||+39.1%|
|Legal staff employed at period end||578||450||+28.4%|
|Number of senior fee earners at period end||175||137||+27.8%|
|Average number of senior fee earners||164||134||+22.4%|
Commenting on the Interim Results, Alan Sellers, Executive Chairman of Anexo Group plc, said:
“I am pleased to report that the Group has performed robustly during the first half of the year, notwithstanding the considerable challenges posed by the COVID-19 pandemic. Business activity in both our credit hire and legal services divisions have recovered strongly. We continue to put record numbers of vehicles on the road and to maximise cash collections by carefully managing hire periods and increasing the overall number of case settlements.
“The rise in vehicle demand and our continued focus on cash collections provide an excellent opportunity to further implement the Group’s fundamental growth strategy. Our existing finance providers have offered increased facilities, the details of which are currently being finalised. These will allow us to increase the deployment of our fleet and accelerate the number of new cases we take on, while enabling ongoing investment in high quality litigators; thereby ensuring we maintain the relationship between new business and settlement capacity which has been the focus of the Group since listing.
“Following the amicable cessation of exploratory takeover talks, DBAY Advisers Ltd retains a seat on the Board as a major supportive shareholder. We believe that our growth strategy offers the best possible opportunity to create significant value
for all our shareholders. We remain committed to our stated dividend policy and we look to the future with confidence.”
Results Conference Call
An analyst conference call will be held at 09:30 BST today, 13 September 2021. 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 [email protected] 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: www.anexo-group.com
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
Arden Partners plc
(Nominated Adviser and Broker)
|John Llewellyn-Lloyd / Louisa Waddell (Corporate)|
Tim Dainton (Equity Sales)
|+44 (0) 20 7614 5900|
+44 (0) 20 7886 2500
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.
The Group was admitted to trading on AIM in June 2018 with the ticker ANX.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.