Corporate News

Final Results

10 May 2023

“Continuing revenue growth laying the groundwork for a drive towards cash”

Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, announces its final results for the year ended 31 December 2022 (the ‘period’ or ‘FY2022).


To view a full version of the results in 
PDF format  click here


Financial Highlights20222021% movement
Total revenues (£’000s) 138,329118,237 +17.0%
Operating profit (£’000s) 30,41627,350+11.2%
Adjusted1 operating profit before exceptional items (£’000s)30,24127,728+9.0%
Adjusted1 operating profit margin (%)21.923.5-6.8%
Profit before tax (£’000s)24,093 23,7461.5%
Adjusted1 profit before tax and exceptional items (£’000s)23,91824,124 -0.8%
Adjusted2 basic EPS (pence)16.516.8-1.8%
Total dividend for the year (pence) 1.51.5-
Equity attributable to the owners of the Company (£’000s)146,347128,224+14.1%
Net cash used in operating activities (£’000s) -3,132-7,307+57.1%
Net debt balance (£’000s)73,12462,014+17.9%

Note: The basis of preparation of the consolidated financial statements for the current and previous year is set out in the Financial Review below.

1. Adjusted operating profit and profit before tax: excludes share‑based payment charges in 2021 and 2022. A reconciliation to reported (IFRS) results is included in the Financial Review below.

2. Adjusted EPS: adjusted PBT less tax at statutory rate divided by the weighted number of shares in issue during the year.

Financial and Operational KPIs

  • During 2022 we saw the continued improvement in a number of key performance measures (detailed below).  Financial performance has been strong, despite continued delays in the court system. Opportunities within the Credit Hire division remain strong, following the introduction of the Civil Liabilities Act 2021 (which has caused a number of competitors to withdraw from the market), but the Group has been careful to manage its fleet size prudently, especially in the light of the lower than expected vehicle contributions from the major insurance contract announced in November 2021. Consequently, although the average number of vehicles on hire rose year on year, the fleet numbers at the end of the year declined 26.9% to 1,730 (2021: 2,366). The number of new cases funded during the year also declined slightly, falling 2.7% to 9,986 (2021: 10,265).
  • Our ability to fund growth in our hire business has been supported by ongoing investment in legal staff. In 2022, the number of senior fee earners grew by 6.8% to reach 253 at the year end. This investment has driven increased cash collections in the year despite the challenges of the reduced operation of the court system. Much of the investment will start to impact during 2023 and beyond, reflecting both the shorter life cycle of a typical housing disrepair claim and the time a new credit hire starter takes to reach settlement maturity.
KPI’s20222021% movement
Total revenues (£’000s) 138,329118,237+17.0%
Gross profit (£’000s) 105,77691,481+15.6%
Adjusted operating profit (£000’s)30,24127,728+9.1%
Adjusted operating profit margin (%)21.9%23.5%-6.8%
Vehicles on hire at the year-end (no) 1,730 2,366-26.9%
Average vehicles on hire for the year (no) 1,8921,834+3.2%
Number of hire cases settled7,922 6,187+28.0%
Cash collections from settled cases (£’000s)146,090119,007+22.8%
New cases funded (no)9,986 10,265-2.7%
Legal staff at the period end (no)678634+6.9%
Average number of legal staff (no)646 590+9.5%
Total senior fee earners at period end (no) 253237+6.8%
Average senior fee earners (no) 240201+19.4%


Commenting on the Final Results, Alan Sellers, Executive Chairman of Anexo Group plc, said:
“I am pleased to report a solid performance for FY2022. Revenues for the Group have continued to grow across all divisions. As always, we have managed our vehicle numbers carefully and funded those cases which we feel offer the best opportunities for utilising working capital most efficiently.  The success of this strategy is reflected in the growth in cash collections driven by the continued investment in high quality staff across our three legal services offices.

We continue to be excited by the opportunities within Housing Disrepair, which has more than doubled its case portfolio during the year, as well as fresh activity on emissions claims. A focus on prudent case management will enable the Group to concentrate on cash generation and a reduction in overall debt during FY2023.”

Analyst Briefing

A conference call for analysts will be held at 9.00am today, 10 May 2023.  A copy of the Final Results presentation is available at the Group's website: 

For further enquiries:

Anexo Group plc +44 (0) 151 227 3008
Alan Sellers, Executive Chairman
Gary Carrington, Interim Chief Financial Officer
Nick Dashwood Brown, Head of Investor Relations

WH Ireland Limited
(Nominated Adviser & Joint Broker)
Chris Hardie / Hugh Morgan/ Darshan Patel / Enzo Aliaj (Corporate)
Fraser Marshall / Harry Ansell (Broking)
 +44 (0) 20 7220 1666
(Joint Broker)
David Foreman / Louisa Waddell (Investment Banking)
Simon Johnson (Corporate Broking)
+44 (0) 20 3829 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 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: