TIDMANX
RNS Number : 6747M
Anexo Group PLC
25 January 2021
For immediate release 25 January 2021
Anexo Group plc
('Anexo', the 'Group' or the 'Company')
FY 2020 Trading Update
Notice of Results
Appointment of Director
Anexo (AIM: ANX), the specialist integrated credit hire and
legal services provider, today provides the following Trading
Update in respect of the year ended 31 December 2020 ('FY
2020').
In FY 2020 the Group remained fully operational throughout both
nationwide lockdowns and, despite the COVID-19 pandemic, revenue
growth has exceeded the Board's expectations. The Group has
maintained its strategy of recruiting high-quality staff within its
legal division, Bond Turner, and consequently salary and other
associated costs have increased during the year. Nevertheless, the
Board is pleased to announce that adjusted* profit before tax will
be in line with current market expectations.
The number of vehicles on the road in the Group's credit hire
division, EDGE, recovered strongly following the lifting of the
first lockdown in July and reached record numbers in the second
half of 2020 ('H2 2020'). Following the implementation of the
second lockdown in early November the number of vehicles on the
road once again saw an initial decline, although the monthly totals
remain well ahead of those seen in the first half of the year ('H1
2020'). The Board confirms that the average number of vehicles on
the road for FY 2020 will exceed that of FY 2019.
The Group has continued to increase the number of litigators
within Bond Turner, thereby driving increased case settlements and
cash collection relative to investment in new cases. The courts
have remained open throughout the second lockdown period, as they
were in the first, with settlements continuing where possible via
telephone and online hearings. Notwithstanding some inevitable
delays in court proceedings as a result of remote operation, the
Board is pleased to announce that monthly cash collections rose
significantly in Q4 2020 and reached a record high in December. The
Leeds office of Bond Turner is now fully operational and staff
recruitment continues.
The Group continues to increase the number of cases involved in
the legal action against Volkswagen AG (the 'VW Emissions' case).
The Group is currently actively engaged on approximately 14,356
claims. As previously announced, all costs associated with
marketing and the processing of claims are expensed as incurred;
investment in case acquisition in FY 2020 totalled GBP2.9
million.
Notice of Final Results
The Group will be announcing its Final Results for the year
ended 31 December 2020 on Tuesday, 27 April 2021.
There will be a conference call for sell-side analysts at
09:30am on the day of results, which will be hosted by Alan Sellers
(Executive Chairman) and Mark Bringloe (CFO). Please contact Nick
Dashwood Brown, Head of Investor
Relations, at nick@anexo-group.com if you would like to receive the dial in details.
For retail investors, an audio webcast of the conference call
with analysts will be made available on the Group's investor
relations website ( www.anexo-group.com ) after 12pm on the day of
results. A link will be provided in the Final Results
statement.
Director Appointment
The Company is pleased to announce, with immediate effect, the
appointment of Saki Riffner, partner and co-founder of DBAY
Advisors Limited ('DBAY'), to the Board as a Non-Executive
Director.
Funds under the discretionary management of DBAY ('DBAY Funds')
currently hold 9.9% of the issued share capital of the Group.
Application has been made for the appropriate regulatory approvals
from the Financial Conduct Authority and the Solicitors' Regulatory
Authority to allow DBAY Funds to acquire an additional 19.1%
shareholding in the Group. The Group will provide a further update
in due course.
The following additional information is provided in accordance
with paragraph (g) of Schedule Two to the AIM Rules for
Companies:
Full Name: Saki Riffner
Age: 44
Current directorships / partnerships
Agility Interactive (IOM)
Limited
Barwood Limited
DBAY Advisors Limited
Greenwhitestar Acquisitions
Limited
Eddie Stobart Logistics plc
Financiere CM SA
Fenix Healthcare AB
Marcelos Limited
Redwhiteblue Champion Ltd
Unlimited Marketing Finco
Ltd
Directorships / partnerships within
the last five years
DouglasBay Media Holdings Limited
Eddie Stobart Logistics Limited
ESLL Group Limited
Greenwhitestar Holding Company 1
Ltd
Greenwhitestar Holding Company 2
Ltd
Greenwhitestar UK plc
Redwhiteblue Digital Marketing Services
Holdings Ltd
Redwhiteblue UK HoldCo Ltd
The Laxey Investment Trust Ltd
Unlimited Marketing Group Ltd
Mr Riffner was appointed as a director of AJS Technology Limited
on 1 December 2008, and subsequently resigned on 29 September 2012.
AJS Technology Limited entered creditors' voluntary liquidation on
1 May 2013 and was dissolved on 6 March 2017.
Mr Riffner was appointed as a director of Fleche du Nord S.A. on
11 February 2009, and subsequently resigned on 24 March 2011.
Fleche du Nord S.A. commenced insolvency proceedings on 9 September
2009, which completed on 4 June 2012.
Saki Riffner does not hold any Ordinary Shares in the Company.
As at today's date, DBAY Funds hold 11,484,001 Ordinary Shares in
the Company. As Chief Investment Officer of DBAY, Saki Riffner is
also deemed to hold a beneficial interest in the Ordinary Shares
held by DBAY Funds, representing approximately 9.9% of the
Company's issued share capital.
There is no further information to be disclosed in relation to
Saki Riffner's appointment pursuant to AIM Rule 17, paragraph (g)
of Schedule Two of the AIM Rules for Companies.
- Ends -
*Adjusted for share based payments
*After expenditure on staff expansion, VW case acquisition and
associated costs
For further enquiries:
Anexo Group plc +44 (0) 151 227 3008
www.anexo-group.com
Alan Sellers, Executive Chairman
Mark Bringloe, Chief Financial Officer
Nick Dashwood Brown, Head of Investor
Relations
Arden Partners plc +44 (0) 20 7614 5900
(Nominated Adviser and Broker) www.arden-partners.co.uk
John Llewellyn-Lloyd / Benjamin Cryer
(Corporate)
Tim Dainton (Equity sales)
Berenberg
(Joint Broker) +44 (0) 20 3207 7800
Mark Whitmore www.berenberg,com
Yudith Karunaratna
Buchanan +44 (0) 20 7466 5000
(Financial Communications) Anexo@buchanan.uk.com
Henry Harrison-Topham / Steph Watson
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 introducing garages 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
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END
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