ACE.L Regulatory News (ACE)

20 May 2005 07:00

Accident Exchange Group PLC20 May 2005 20 May 2005 Accident Exchange plc Agreement with The Cooper Group Ltd ("The Cooper Group") Accident Exchange Group plc ("Accident Exchange"), the leading prestige vehiclereplacement company, has today signed the full agreement with The Cooper Group.This follows the announcement regarding a binding Heads of Agreement made on 31March. The Cooper Group Ltd is one of the largest BMW retailers in the UK, with eightprestigious dealerships extending from Reading, across London, and into Kent.The agreement includes the provision by Accident Exchange of replacement BMW andMini vehicles to The Cooper Group's customers, following road traffic accidents. The exchange of the full agreement means Accident Exchange will commit to afurther 208 cars from The Cooper Group over the course of the Agreement. Steve Evans, Chief Executive of Accident Exchange said: "This is a significant account win and we look forward to continuing to workwith The Cooper Group across their BMW and Mini dealerships. Our total fleetcurrently stands at 997 vehicles and signing this agreement means that we havecommitted to a further 208 cars which will continue to underpin the marketexpectations of our fleet size of 1,600 vehicles for the financial year endingApril 2006." - Ends - For more information please contact: Steve Evans, Chief Executive,Accident Exchange Group plcTel: 08700 116719 Martin Andrews, Finance Director,Accident Exchange Group plcTel: 08700 053 649 Jonathon Brill/Billy Clegg,Financial DynamicsTel: 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 over 800. The Company reported maiden interim results forthe period ended 31st October 2004. Turnover increased significantly to £7.670million (2003: £1.136 million, profit before taxation was up to £2.133 million(2003: £0.303 million, profit before taxation and goodwill amortisation was upto £2.461 million (2003: £0.303 million), with earnings per share up to 2.3p(2003: 0.4p). The Company recommended its first interim dividend of 0.5p (2003:nil). This information is provided by RNS The company news service from the London Stock Exchange