Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, is pleased to provide the following Trading Update ahead of its Annual General Meeting, to be held at 11am today.
The Board is pleased to announce that overall trading continues to perform in line with management expectations.
EDGE, the Group's Credit Hire division, ended 2021 with record numbers of vehicles on the road. The Group monitors its fleet size constantly and has maintained its policy of controlling vehicle numbers to maximise cash collections. Average vehicle numbers for the first four months of FY-2022 stood at 2,079, an increase of 52% on the same period for FY-2021.
Within the Group's Legal Services division, Bond Turner, cash collections for the first four months of FY-2022 are in line with management forecasts and are 24% ahead of those seen in the corresponding period in FY-2021. The Housing Disrepair division is also performing in line with management forecasts. The number of cases acquired from inception until the end of April stands at around 3,300, some 950 of which have been settled. The Board expects the number of settlements to accelerate as the year progresses.
As announced on 26 May 2022, the Group remains in negotiations with Volkswagen AG ('VW') concerning the class action brought against VW and its subsidiaries (the 'VW Emissions case'). A further announcement will be made in due course.
The Group intends to provide further details with its Interim Results.
Anexo Group PLC is also pleased to announce that it has been informed by WH Ireland that its take-on procedures as Nomad to the Company have now been satisfactorily completed. Accordingly a Nomad Declaration has been submitted to AIM in accordance with AIM Rules.
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
WH Ireland Limited
(Nominated Adviser & Joint Broker)
Chris Hardie / Darshan Patel / Enzo Aliaj (Corporate)
Fraser Marshall / Harry Ansell (Broking)
+44 (0) 20 7220 1666
Arden Partners plc
John Llewellyn-Lloyd / Louisa Waddell (Corporate)
Tim Dainton (Equity sales)
+44 (0) 20 7614 5900
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