TIDMANX
RNS Number : 2440V
Anexo Group PLC
04 April 2023
For immediate release 4 April 2023
Anexo Group plc
('Anexo' or the 'Group')
Pre-Close Trading Update
Mercedes Class Action
Anexo Group plc (AIM: ANX), the specialist integrated credit
hire and legal services provider, is pleased to provide the
following pre-close trading update for the year ended 31 December
2022 ('FY-2022') ahead of the release of its FY-2022 Final Results
on 9 May 2023.
Performance for the Full Year ending 31 December 2022
-- Revenue is expected to be between GBP135.0 million and 137.0 million(1)
-- Profit before tax for the Group is expected to be between
GBP24.0 and GBP26.0 million, at the upper end of this range broadly
in line with market expectations(1)
-- The Group remains focused on quality claims, high service
standards and high success rates. The number of vehicles on the
road as of 31(st) December 2022 was 1,730.
-- Bond Turner's Housing Disrepair team has settled
approximately 2,000 cases since inception and in excess of a
further 3,000 cases are currently under management.
-- As at 31 December 2022, the Group's overall net debt stood at
GBP73.1 million (31 December 2021: GBP62.0 million)
(1) Subject to final audit
Current Trading
The Group's credit hire division, EDGE, has continued its focus
on quality claims, high service standards and high success rates.
The adoption of this targeted approach has led to continued
strength in the market, and an optimistic outlook for 2023.
The Group's legal division, Bond Turner continues to benefit
from the re-opening of the court system, which has seen an increase
in cash collections, supporting further investment in new claims in
credit hire, housing disrepair and emissions litigation. This trend
is expected to continue through 2023 and cash collections are
currently running at record levels.
The Housing Disrepair team continues to perform strongly; it is
currently dealing with in excess of 3,000 cases and since inception
has settled approximately 2,000 cases. The Board believes that the
prospects for growth in this division are very positive.
The Board will give further guidance for the full year upon the
release of the audited Final Results on 9 May 2023.
Mercedes Benz Class Action
The Group notes the judgment by the High Court granting a Group
Litigation Order, handed down on 8 March 2023. The application,
brought by Leigh Day and Pogust Goodhead, sought permission to
launch a class action lawsuit against Mercedes Benz for alleged
subversion of key air pollution tests by using special software to
reduce emissions of nitrous oxides under test conditions.
Following the success of the application, the Board is pleased
to confirm that the Group intends to pursue litigation against
Mercedes and has already secured over 12,000 claims through
internal resources and via social media. The Board will provide
further details as and when appropriate.
Alan Sellers, Executive Chairman of Anexo Group, commented: "We
are very pleased with the continued strong performance of the Group
in the face of difficult economic conditions. Opportunities in
credit hire, housing disrepair and emissions remain plentiful and
we continue to concentrate on those cases which facilitate the most
efficient return on our working capital. We look forward to
updating shareholders further at our final results in May."
- Ends -
For further enquiries:
Anexo Group plc +44 (0) 151 227 3008
www.anexo-group.com
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 / Hugh Morgan / Darshan Patel / Enzo Aliaj (Corporate) +44 (0) 20 7220 1666
Fraser Marshall / Harry Ansell (Broking) www.whirelandplc.com/capital-markets
Zeus Capital plc
(Joint Broker)
Louisa Waddell (Corporate) +44 (0) 20 3829 5000
Tim Dainton (Equity sales) w ww.zeuscapital.co.uk
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 .
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END
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April 04, 2023 02:00 ET (06:00 GMT)
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