ACE.L Regulatory News (ACE)

21 Jul 2005 08:24

Accident Exchange Group PLC21 July 2005 21st July 2005 Accident Exchange Group Plc (the "Company") AGM STATEMENT AND TRADING UPDATE At the Annual General Meeting of the Company to be held at 10.30am today,Chairman Lord Young of Graffham will give the following trading update on theCompany's progress since the start of the current financial year. "I am delighted to report that the new financial year has started well. Referralvolumes are good with hire starts in the first quarter to date increasing by297% on the same period last year. More significantly hire starts in the firstquarter of this financial year are projected to be approximately 25% ahead ofthe last quarter of the year ended 30th April 2005 ("FY2005"). Amongst otherthings, this reflects the impact of deals completed during the final quarter oflast year, which are now starting to generate incremental revenue in line withmanagement expectations. Management expects hire start run rates to increase asthese deals, and the deal wins announced on 10th June 2005 are implementedfurther. "The first quarter has also benefited from an increase in direct referralbusiness. In December 2004, we announced our intention to develop and launch anaccident management product which we intended to market to a number of ourdealer referring partners. This product launch took place in the final quarterof FY2005 and we now have contracts signed involving almost 100 dealers for whomwe provide 24 hour accident management and recovery services for theirunderlying client base which totals approximately 380,000 prestige vehicledrivers. "We are also continuing to negotiate and win new account relationships and wecontinue to negotiate contract opportunities with larger dealer groups and someprestige vehicle manufacturers. "Trading is ahead of our expectations in the current financial year, and as wecontinue to build the strength and experience within our management team andextend our product range, we view the current year with continued optimism." ENDS For more information please contact: Steve Evans, Chief Executive, Accident Exchange Group plc, Tel: 08700 116719 Martin Andrews, Finance Director, Accident Exchange Group plc, Tel: 08700 053649 Jonathon Brill/Billy Clegg, Financial Dynamics, Tel: 020 7831 3113 Notes to Editors About Accident Exchange Accident Exchange was formed in 2001 to provide ABI (Association of BritishInsurers) approved car hire on credit to motorists of prestige cars involved innon-fault accidents. Having listed on AIM in April 2004, the Company has grown its car rental fleetrapidly from 250 to 1029 at the year ended 31st April 2005. The Companyreported maiden full year results for the period ended 31st April 2005.Earnings per share rose 500% to 7.2p (2004 pro forma*: 1.2p, 2004 statutory:0.8p): Adjusted earnings per share rose 592% to 8.3p (2004 pro forma*: 1.2p).Adjusted profit before taxation and goodwill rose 573% to £7.4 million (2004 proforma*: £1.1 million, 2004 statutory: £0.1 million). Turnover increased by 429%to £21.7 million (2004 pro forma*: £4.1 million, 2004 statutory: £0.3 million).Profit before taxation rose 509% to £6.7 million (2004 pro forma*: £1.1 million,2004 statutory: £0.1 million). The Company recommended a first final dividendproposed at 1.0p (2004: nil) making 1.5p for the year (2004: nil). This information is provided by RNS The company news service from the London Stock Exchange