20 September 2022
“Significant revenue and profit growth with unchanged outlook for the year”
Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, is pleased to report its Interim Results for the six months ended 30 June 2022 (‘H1 2022’ or the ‘period’).
To view a full version of the results in
|H1 2022||H1 2021||Movement|
|Revenue||£68.6 million||£48.3 million||+42.0%|
|Operating profit||£16.1 million||£10.4 million||+54.8%|
|Profit before tax||£13.6 million||£8.9 million||+52.8%|
|Net assets||£137.8 million||£117.8 million||+17.0%|
|Cash collection||£67.9 million||£56.7 million||+19.8%|
|Basic EPS||9.3 pence||6.1 pence||+52.5%|
The Group has shown robust growth during the period and plans to optimise cash generation in the second half year. The Board has confidence in meeting market expectations for the year with a focus on improving the vehicle mix, building on the strong progress in Housing Disrepair and maximising the emissions opportunities.
|KPIs||H1 2022||H1 2021||Movement|
|Number of vehicles on hire at the period end||1,947||1,740||+11.9%|
|Average number of vehicles on hire for the period|| |
|Completed vehicle hires||5,501||4,081||+34.8%|
|Number of hire cases settled||3,563||2,924||+21.9%|
|Number of new cases funded||5,082||4,208||+20.8%|
|Cash collections from settled cases (£’000s)||67,931||56,665||+19.9%|
|Legal staff employed at period end||633||578||+9.5%|
Commenting on the Interim Results, Alan Sellers, Executive Chairman of Anexo Group plc, said:
“I am delighted to report that the Group has continued its strong performance during the first half of the year. Business activity in both our credit hire and legal services divisions has grown strongly.
“We are proud of the social value of the services we offer. Anexo provides assistance to people who find themselves in an invidious position through no fault of their own, whether through being deprived of an essential vehicle or through living in substandard housing conditions, along with the other problems which may be exacerbated by such situations. We remain committed to providing help to those who might otherwise be unable to obtain redress.
“We continue to manage our vehicle fleet carefully and to maximise cash collections by identifying appropriate hire opportunities, particularly within the motorcycle sector; this allows for more efficient use of working capital whilst also increasing the overall number of case settlements.
“The strong progress being made in housing disrepair and emissions will underpin the continued growth in the core business, and the Board remains confident in meeting market expectations for the year.”
Results Conference Call
An analyst conference call will be held at 09:30 BST today, 20 September 2022. 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: https://www.anexo-group.com/.
For further enquiries:
|Anexo Group plc||+44 (0) 151 227 3008|
|Alan Sellers, Executive Chairman|
Mark Fryer, 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 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. Bond Turner is also involved in litigation relating to Housing Disrepair and emissions claims against major motor manufacturers.
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.