ACE.L Regulatory News (ACE)

1 Nov 2005 07:02

Accident Exchange Group PLC01 November 2005 1 November 2005 Accident Exchange plc ("Accident Exchange" or "the Group") Pre-Close Trading Update The Board of Accident Exchange is pleased to provide the following tradingupdate in advance of its interim results for the six months to 31 October 2005. The Group continues to make good progress. Both the levels of core credit hirebusiness and the number of dealers committed to the Group's Accident Managementservice are growing satisfactorily. Performance for the year to date issignificantly ahead of the final six month period of the last financial year andthe Board is pleased to report that Accident Exchange has continued to winmarket share. The business remains on track to deliver yet another year ofexcellent growth. For the six months to 31 October 2005 the total number of hire starts reflectsapproximately 150% of the levels achieved in the second six months of the lastfinancial year. Rental activity in October was around 20% ahead of activitylevels in September, an indicator that we have moved into the more active partof the year in terms of accident volumes. In addition the activity from thenumerous new relationships announced over the last few months is progressingwell with the full run rate of hire starts from these partners still to reachtheir full potential. The Group expects to announce its interim results in December 2005. Commenting on the trading update, Steve Evans, Chief Executive, said: "I am delighted with the performance of our team in the first half of thecurrent financial year. We have continued to invest in our people, focus on ourservice offering and strengthen our business systems to ensure that we remain atthe leading edge of our chosen market segments. We have also continued to winnew accounts throughout the first half, some of which have been announced, andwe have a number of other potential contracts currently being negotiated. "More importantly we have managed to retain and develop our existing accountsand have managed to increase the number of monthly hire starts to record levelsas we enter the second half of the financial year. I therefore look forward tothe second half of the year with confidence." - Ends - For more information please contact: Steve Evans, Chief Executive, Accident Exchange Group plc, Tel: 08700 116 719 Martin Andrews, Finance Director, Accident Exchange Group plc, Tel: 08700 053 649 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 30th April 2005. The Companyreported maiden full year results for the period ended 30th 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