“Increased cash collections lead to milestone of net cash generation”
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 2020 (‘H1 2020’ or the ‘period’). The Board is pleased to report that the Group has attained its target of net cash generation throughout the period. This milestone has been achieved against the backdrop of the COVID-19 pandemic which, despite the Group’s two core divisions remaining fully operational throughout, has inevitably affected performance in the latter part of H1 2020. In particular, the number of vehicles on the road fell sharply as the UK went into lockdown, but has since recovered to exceed recent peaks. Anexo has continued to invest in its business and the Board is confident in the outcome for FY 2020.
Download To view a full version of the results in |
Financial Highlights
|
H1 2020 |
H1 2019 |
Movement |
Revenue |
£36.6 million |
£36.7 million |
-0.3% |
Adjusted operating profit1 |
£7.8 million |
£11.8 million |
-33.9% |
Adjusted profit before tax1,2 |
£6.7 million |
£10.8 million |
-38.0% |
Net assets |
£103.9 million |
£82.9 million |
+25.4% |
Cash collection |
£48.0 million |
£36.6 million |
+30.9% |
Basic EPS |
4.5 pence |
7.6 pence |
-40.7% |
1 Adjusted results exclude share based payments.
2 After expenditure of £4.0m on staff expansion, VW case acquisition and associated costs
Operational Highlights
KPIs |
H1 2020 |
H1 2019 |
Movement |
Number of vehicles on hire at the period end |
1,380 |
1,571 |
-12.2% |
Average number of vehicles on hire for the period |
1,286 |
1,496 |
-14.0% |
Completed vehicle hires |
2,953 |
3,363 |
-12.2% |
Number of hire cases settled |
2,622 |
2,066 |
+26.9% |
Cash collections from settled cases (£’000s) |
47,961 |
36,628 |
+30.9% |
Number of new cases funded |
3,025 |
3,392 |
-10.8% |
Legal staff employed at period end |
450 |
344 |
+30.8% |
Number of senior fee earners at period end |
137 |
109 |
+25.7% |
Average number of senior fee earners |
134 |
98 |
+36.7% |
Commenting on the Interim Results, Alan Sellers, Executive Chairman of Anexo Group plc, said:
“I am pleased to report that Anexo has hit its target of becoming cash generative in the period. As we set out at IPO in 2018, our strategy was to invest and expand the Group’s Legal Services division in order to increase the number of cases settled and therefore boost cash collections and maximise the value from the extensive back log of cases in our portfolio. Our ability to deliver on the strategy sends a clear message about Anexo’s ability to deliver results to our shareholders, and will give confidence in the Group as we look to expand our unique business model and make the most of the significant market opportunity.
“The COVID 19 pandemic has undoubtedly impacted the Group in the first six months of the year, but as we see activity levels for our Credit Hire division returning to normal, and the case portfolio of our expanded Legal Services division matures and case settlement efficiency improves, we are confident that both revenue generation and earnings growth should return in the second half.
“As we continue to offer dividends to our shareholders and reinstate market guidance, we look forward to the future with confidence.”
Analyst meeting
A conference call for analysts only will be held at 09.30am today, 13 August 2020. A copy of the Interim Results presentation is available at the Group's website: https://www.anexo-group.com/ . Please contact Buchanan if you would like to join the call.
An audio webcast of the conference call with analysts will be available after 12pm today:https://webcasting.buchanan.uk.com/broadcast/5f0eccdb4c167c121579686c
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 www.berenberg.de |
Mark Whitmore/Yudith Karunaratna | |
Buchanan (Financial Communications) |
|
Henry Harrison-Topham / Steph Watson / hannah Ratcliff | +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 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.
“Increased cash collections lead to milestone of net cash generation”
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 2020 (‘H1 2020’ or the ‘period’). The Board is pleased to report that the Group has attained its target of net cash generation throughout the period. This milestone has been achieved against the backdrop of the COVID-19 pandemic which, despite the Group’s two core divisions remaining fully operational throughout, has inevitably affected performance in the latter part of H1 2020. In particular, the number of vehicles on the road fell sharply as the UK went into lockdown, but has since recovered to exceed recent peaks. Anexo has continued to invest in its business and the Board is confident in the outcome for FY 2020.
Download To view a full version of the results in |
Financial Highlights
|
H1 2020 |
H1 2019 |
Movement |
Revenue |
£36.6 million |
£36.7 million |
-0.3% |
Adjusted operating profit1 |
£7.8 million |
£11.8 million |
-33.9% |
Adjusted profit before tax1,2 |
£6.7 million |
£10.8 million |
-38.0% |
Net assets |
£103.9 million |
£82.9 million |
+25.4% |
Cash collection |
£48.0 million |
£36.6 million |
+30.9% |
Basic EPS |
4.5 pence |
7.6 pence |
-40.7% |
1 Adjusted results exclude share based payments.
2 After expenditure of £4.0m on staff expansion, VW case acquisition and associated costs
Operational Highlights
KPIs |
H1 2020 |
H1 2019 |
Movement |
Number of vehicles on hire at the period end |
1,380 |
1,571 |
-12.2% |
Average number of vehicles on hire for the period |
1,286 |
1,496 |
-14.0% |
Completed vehicle hires |
2,953 |
3,363 |
-12.2% |
Number of hire cases settled |
2,622 |
2,066 |
+26.9% |
Cash collections from settled cases (£’000s) |
47,961 |
36,628 |
+30.9% |
Number of new cases funded |
3,025 |
3,392 |
-10.8% |
Legal staff employed at period end |
450 |
344 |
+30.8% |
Number of senior fee earners at period end |
137 |
109 |
+25.7% |
Average number of senior fee earners |
134 |
98 |
+36.7% |
Commenting on the Interim Results, Alan Sellers, Executive Chairman of Anexo Group plc, said:
“I am pleased to report that Anexo has hit its target of becoming cash generative in the period. As we set out at IPO in 2018, our strategy was to invest and expand the Group’s Legal Services division in order to increase the number of cases settled and therefore boost cash collections and maximise the value from the extensive back log of cases in our portfolio. Our ability to deliver on the strategy sends a clear message about Anexo’s ability to deliver results to our shareholders, and will give confidence in the Group as we look to expand our unique business model and make the most of the significant market opportunity.
“The COVID 19 pandemic has undoubtedly impacted the Group in the first six months of the year, but as we see activity levels for our Credit Hire division returning to normal, and the case portfolio of our expanded Legal Services division matures and case settlement efficiency improves, we are confident that both revenue generation and earnings growth should return in the second half.
“As we continue to offer dividends to our shareholders and reinstate market guidance, we look forward to the future with confidence.”
Analyst meeting
A conference call for analysts only will be held at 09.30am today, 13 August 2020. A copy of the Interim Results presentation is available at the Group's website: https://www.anexo-group.com/ . Please contact Buchanan if you would like to join the call.
An audio webcast of the conference call with analysts will be available after 12pm today:https://webcasting.buchanan.uk.com/broadcast/5f0eccdb4c167c121579686c
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 www.berenberg.de |
Mark Whitmore/Yudith Karunaratna | |
Buchanan (Financial Communications) |
|
Henry Harrison-Topham / Steph Watson / hannah Ratcliff | +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 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.
“Increased cash collections lead to milestone of net cash generation”
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 2020 (‘H1 2020’ or the ‘period’). The Board is pleased to report that the Group has attained its target of net cash generation throughout the period. This milestone has been achieved against the backdrop of the COVID-19 pandemic which, despite the Group’s two core divisions remaining fully operational throughout, has inevitably affected performance in the latter part of H1 2020. In particular, the number of vehicles on the road fell sharply as the UK went into lockdown, but has since recovered to exceed recent peaks. Anexo has continued to invest in its business and the Board is confident in the outcome for FY 2020.
Download To view a full version of the results in |
Financial Highlights
|
H1 2020 |
H1 2019 |
Movement |
Revenue |
£36.6 million |
£36.7 million |
-0.3% |
Adjusted operating profit1 |
£7.8 million |
£11.8 million |
-33.9% |
Adjusted profit before tax1,2 |
£6.7 million |
£10.8 million |
-38.0% |
Net assets |
£103.9 million |
£82.9 million |
+25.4% |
Cash collection |
£48.0 million |
£36.6 million |
+30.9% |
Basic EPS |
4.5 pence |
7.6 pence |
-40.7% |
1 Adjusted results exclude share based payments.
2 After expenditure of £4.0m on staff expansion, VW case acquisition and associated costs
Operational Highlights
KPIs |
H1 2020 |
H1 2019 |
Movement |
Number of vehicles on hire at the period end |
1,380 |
1,571 |
-12.2% |
Average number of vehicles on hire for the period |
1,286 |
1,496 |
-14.0% |
Completed vehicle hires |
2,953 |
3,363 |
-12.2% |
Number of hire cases settled |
2,622 |
2,066 |
+26.9% |
Cash collections from settled cases (£’000s) |
47,961 |
36,628 |
+30.9% |
Number of new cases funded |
3,025 |
3,392 |
-10.8% |
Legal staff employed at period end |
450 |
344 |
+30.8% |
Number of senior fee earners at period end |
137 |
109 |
+25.7% |
Average number of senior fee earners |
134 |
98 |
+36.7% |
Commenting on the Interim Results, Alan Sellers, Executive Chairman of Anexo Group plc, said:
“I am pleased to report that Anexo has hit its target of becoming cash generative in the period. As we set out at IPO in 2018, our strategy was to invest and expand the Group’s Legal Services division in order to increase the number of cases settled and therefore boost cash collections and maximise the value from the extensive back log of cases in our portfolio. Our ability to deliver on the strategy sends a clear message about Anexo’s ability to deliver results to our shareholders, and will give confidence in the Group as we look to expand our unique business model and make the most of the significant market opportunity.
“The COVID 19 pandemic has undoubtedly impacted the Group in the first six months of the year, but as we see activity levels for our Credit Hire division returning to normal, and the case portfolio of our expanded Legal Services division matures and case settlement efficiency improves, we are confident that both revenue generation and earnings growth should return in the second half.
“As we continue to offer dividends to our shareholders and reinstate market guidance, we look forward to the future with confidence.”
Analyst meeting
A conference call for analysts only will be held at 09.30am today, 13 August 2020. A copy of the Interim Results presentation is available at the Group's website: https://www.anexo-group.com/ . Please contact Buchanan if you would like to join the call.
An audio webcast of the conference call with analysts will be available after 12pm today:https://webcasting.buchanan.uk.com/broadcast/5f0eccdb4c167c121579686c
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 www.berenberg.de |
Mark Whitmore/Yudith Karunaratna | |
Buchanan (Financial Communications) |
|
Henry Harrison-Topham / Steph Watson / hannah Ratcliff | +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 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.
“Increased cash collections lead to milestone of net cash generation”
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 2020 (‘H1 2020’ or the ‘period’). The Board is pleased to report that the Group has attained its target of net cash generation throughout the period. This milestone has been achieved against the backdrop of the COVID-19 pandemic which, despite the Group’s two core divisions remaining fully operational throughout, has inevitably affected performance in the latter part of H1 2020. In particular, the number of vehicles on the road fell sharply as the UK went into lockdown, but has since recovered to exceed recent peaks. Anexo has continued to invest in its business and the Board is confident in the outcome for FY 2020.
Download To view a full version of the results in |
Financial Highlights
|
H1 2020 |
H1 2019 |
Movement |
Revenue |
£36.6 million |
£36.7 million |
-0.3% |
Adjusted operating profit1 |
£7.8 million |
£11.8 million |
-33.9% |
Adjusted profit before tax1,2 |
£6.7 million |
£10.8 million |
-38.0% |
Net assets |
£103.9 million |
£82.9 million |
+25.4% |
Cash collection |
£48.0 million |
£36.6 million |
+30.9% |
Basic EPS |
4.5 pence |
7.6 pence |
-40.7% |
1 Adjusted results exclude share based payments.
2 After expenditure of £4.0m on staff expansion, VW case acquisition and associated costs
Operational Highlights
KPIs |
H1 2020 |
H1 2019 |
Movement |
Number of vehicles on hire at the period end |
1,380 |
1,571 |
-12.2% |
Average number of vehicles on hire for the period |
1,286 |
1,496 |
-14.0% |
Completed vehicle hires |
2,953 |
3,363 |
-12.2% |
Number of hire cases settled |
2,622 |
2,066 |
+26.9% |
Cash collections from settled cases (£’000s) |
47,961 |
36,628 |
+30.9% |
Number of new cases funded |
3,025 |
3,392 |
-10.8% |
Legal staff employed at period end |
450 |
344 |
+30.8% |
Number of senior fee earners at period end |
137 |
109 |
+25.7% |
Average number of senior fee earners |
134 |
98 |
+36.7% |
Commenting on the Interim Results, Alan Sellers, Executive Chairman of Anexo Group plc, said:
“I am pleased to report that Anexo has hit its target of becoming cash generative in the period. As we set out at IPO in 2018, our strategy was to invest and expand the Group’s Legal Services division in order to increase the number of cases settled and therefore boost cash collections and maximise the value from the extensive back log of cases in our portfolio. Our ability to deliver on the strategy sends a clear message about Anexo’s ability to deliver results to our shareholders, and will give confidence in the Group as we look to expand our unique business model and make the most of the significant market opportunity.
“The COVID 19 pandemic has undoubtedly impacted the Group in the first six months of the year, but as we see activity levels for our Credit Hire division returning to normal, and the case portfolio of our expanded Legal Services division matures and case settlement efficiency improves, we are confident that both revenue generation and earnings growth should return in the second half.
“As we continue to offer dividends to our shareholders and reinstate market guidance, we look forward to the future with confidence.”
Analyst meeting
A conference call for analysts only will be held at 09.30am today, 13 August 2020. A copy of the Interim Results presentation is available at the Group's website: https://www.anexo-group.com/ . Please contact Buchanan if you would like to join the call.
An audio webcast of the conference call with analysts will be available after 12pm today:https://webcasting.buchanan.uk.com/broadcast/5f0eccdb4c167c121579686c
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 www.berenberg.de |
Mark Whitmore/Yudith Karunaratna | |
Buchanan (Financial Communications) |
|
Henry Harrison-Topham / Steph Watson / hannah Ratcliff | +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 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.
“Increased cash collections lead to milestone of net cash generation”
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 2020 (‘H1 2020’ or the ‘period’). The Board is pleased to report that the Group has attained its target of net cash generation throughout the period. This milestone has been achieved against the backdrop of the COVID-19 pandemic which, despite the Group’s two core divisions remaining fully operational throughout, has inevitably affected performance in the latter part of H1 2020. In particular, the number of vehicles on the road fell sharply as the UK went into lockdown, but has since recovered to exceed recent peaks. Anexo has continued to invest in its business and the Board is confident in the outcome for FY 2020.
Download To view a full version of the results in |
Financial Highlights
|
H1 2020 |
H1 2019 |
Movement |
Revenue |
£36.6 million |
£36.7 million |
-0.3% |
Adjusted operating profit1 |
£7.8 million |
£11.8 million |
-33.9% |
Adjusted profit before tax1,2 |
£6.7 million |
£10.8 million |
-38.0% |
Net assets |
£103.9 million |
£82.9 million |
+25.4% |
Cash collection |
£48.0 million |
£36.6 million |
+30.9% |
Basic EPS |
4.5 pence |
7.6 pence |
-40.7% |
1 Adjusted results exclude share based payments.
2 After expenditure of £4.0m on staff expansion, VW case acquisition and associated costs
Operational Highlights
KPIs |
H1 2020 |
H1 2019 |
Movement |
Number of vehicles on hire at the period end |
1,380 |
1,571 |
-12.2% |
Average number of vehicles on hire for the period |
1,286 |
1,496 |
-14.0% |
Completed vehicle hires |
2,953 |
3,363 |
-12.2% |
Number of hire cases settled |
2,622 |
2,066 |
+26.9% |
Cash collections from settled cases (£’000s) |
47,961 |
36,628 |
+30.9% |
Number of new cases funded |
3,025 |
3,392 |
-10.8% |
Legal staff employed at period end |
450 |
344 |
+30.8% |
Number of senior fee earners at period end |
137 |
109 |
+25.7% |
Average number of senior fee earners |
134 |
98 |
+36.7% |
Commenting on the Interim Results, Alan Sellers, Executive Chairman of Anexo Group plc, said:
“I am pleased to report that Anexo has hit its target of becoming cash generative in the period. As we set out at IPO in 2018, our strategy was to invest and expand the Group’s Legal Services division in order to increase the number of cases settled and therefore boost cash collections and maximise the value from the extensive back log of cases in our portfolio. Our ability to deliver on the strategy sends a clear message about Anexo’s ability to deliver results to our shareholders, and will give confidence in the Group as we look to expand our unique business model and make the most of the significant market opportunity.
“The COVID 19 pandemic has undoubtedly impacted the Group in the first six months of the year, but as we see activity levels for our Credit Hire division returning to normal, and the case portfolio of our expanded Legal Services division matures and case settlement efficiency improves, we are confident that both revenue generation and earnings growth should return in the second half.
“As we continue to offer dividends to our shareholders and reinstate market guidance, we look forward to the future with confidence.”
Analyst meeting
A conference call for analysts only will be held at 09.30am today, 13 August 2020. A copy of the Interim Results presentation is available at the Group's website: https://www.anexo-group.com/ . Please contact Buchanan if you would like to join the call.
An audio webcast of the conference call with analysts will be available after 12pm today:https://webcasting.buchanan.uk.com/broadcast/5f0eccdb4c167c121579686c
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 www.berenberg.de |
Mark Whitmore/Yudith Karunaratna | |
Buchanan (Financial Communications) |
|
Henry Harrison-Topham / Steph Watson / hannah Ratcliff | +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 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.
“Increased cash collections lead to milestone of net cash generation”
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 2020 (‘H1 2020’ or the ‘period’). The Board is pleased to report that the Group has attained its target of net cash generation throughout the period. This milestone has been achieved against the backdrop of the COVID-19 pandemic which, despite the Group’s two core divisions remaining fully operational throughout, has inevitably affected performance in the latter part of H1 2020. In particular, the number of vehicles on the road fell sharply as the UK went into lockdown, but has since recovered to exceed recent peaks. Anexo has continued to invest in its business and the Board is confident in the outcome for FY 2020.
Download To view a full version of the results in |
Financial Highlights
|
H1 2020 |
H1 2019 |
Movement |
Revenue |
£36.6 million |
£36.7 million |
-0.3% |
Adjusted operating profit1 |
£7.8 million |
£11.8 million |
-33.9% |
Adjusted profit before tax1,2 |
£6.7 million |
£10.8 million |
-38.0% |
Net assets |
£103.9 million |
£82.9 million |
+25.4% |
Cash collection |
£48.0 million |
£36.6 million |
+30.9% |
Basic EPS |
4.5 pence |
7.6 pence |
-40.7% |
1 Adjusted results exclude share based payments.
2 After expenditure of £4.0m on staff expansion, VW case acquisition and associated costs
Operational Highlights
KPIs |
H1 2020 |
H1 2019 |
Movement |
Number of vehicles on hire at the period end |
1,380 |
1,571 |
-12.2% |
Average number of vehicles on hire for the period |
1,286 |
1,496 |
-14.0% |
Completed vehicle hires |
2,953 |
3,363 |
-12.2% |
Number of hire cases settled |
2,622 |
2,066 |
+26.9% |
Cash collections from settled cases (£’000s) |
47,961 |
36,628 |
+30.9% |
Number of new cases funded |
3,025 |
3,392 |
-10.8% |
Legal staff employed at period end |
450 |
344 |
+30.8% |
Number of senior fee earners at period end |
137 |
109 |
+25.7% |
Average number of senior fee earners |
134 |
98 |
+36.7% |
Commenting on the Interim Results, Alan Sellers, Executive Chairman of Anexo Group plc, said:
“I am pleased to report that Anexo has hit its target of becoming cash generative in the period. As we set out at IPO in 2018, our strategy was to invest and expand the Group’s Legal Services division in order to increase the number of cases settled and therefore boost cash collections and maximise the value from the extensive back log of cases in our portfolio. Our ability to deliver on the strategy sends a clear message about Anexo’s ability to deliver results to our shareholders, and will give confidence in the Group as we look to expand our unique business model and make the most of the significant market opportunity.
“The COVID 19 pandemic has undoubtedly impacted the Group in the first six months of the year, but as we see activity levels for our Credit Hire division returning to normal, and the case portfolio of our expanded Legal Services division matures and case settlement efficiency improves, we are confident that both revenue generation and earnings growth should return in the second half.
“As we continue to offer dividends to our shareholders and reinstate market guidance, we look forward to the future with confidence.”
Analyst meeting
A conference call for analysts only will be held at 09.30am today, 13 August 2020. A copy of the Interim Results presentation is available at the Group's website: https://www.anexo-group.com/ . Please contact Buchanan if you would like to join the call.
An audio webcast of the conference call with analysts will be available after 12pm today:https://webcasting.buchanan.uk.com/broadcast/5f0eccdb4c167c121579686c
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 www.berenberg.de |
Mark Whitmore/Yudith Karunaratna | |
Buchanan (Financial Communications) |
|
Henry Harrison-Topham / Steph Watson / hannah Ratcliff | +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 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.
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