Anexo says 2024 was in line, expands investment in emissions claims

(Alliance News) - Anexo Group PLC on Thursday said 2024 trading was in line with the board's expectations as housing disrepair and serious injury work increased their contribution to the company's performance.

The Liverpool, England-based integrated credit hire and legal services company said it has continued to invest in diesel emission claims, with 2024 investment totalling GBP6.5 million, up 51% from GBP4.3 million in the previous year.

The firm said timings of any negotiations is uncertain, but any potential settlement will "significantly enhance" its profitability and cash flows, as well as reducing net debt.

Further hearings and conferences are scheduled between March and July, the company said.

The group completed two new agreements in August, including a GBP30 million loan facility with Callodine Commercial Finance LLC and a GBP16 million revolving credit facility with Lloyds Banking Group PLC.

Anexo said its recent financing facilities have increased headroom but it has incurred fees of GBP2.0 million.

"The new agreements have resulted in significant savings in interest costs throughout the lifetime of the facilities," the company said.

Anexo shares were down 0.4% to 65.33 pence in London on Thursday afternoon.

By Michael Hennessey, Alliance News reporter

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