ACE.L Regulatory News (ACE)

12 May 2008 06:00

FOR IMMEDIATE RELEASE 12 May 2008 Accident Exchange Group Plc ("Accident Exchange" or the "Company") PRE-CLOSE TRADING UPDATE and CHANGE OF ADVISER PRE-CLOSE TRADING UPDATE This regular trading update is issued following the end of the financial year ended 30 April 2008. The preliminary announcement of results will be released on Monday 30 June 2008. Results for the year ended 30 April 2008 are expected to be in line with market expectations. Daily cash collections continue to improve as a consequence of both improved traction from the solicitor panel established during 2007 and evolving discussions with insurers in respect of prompter settlement to avoid the incremental expense of litigation. The Company previously reported that average daily cash receipts had improved from £476,000 per working day over the three month period to 31 January 2008 to £588,000 per day over the 7 week period to 17 March 2008. That daily average has improved further to £642,000 per day over the subsequent 8 week period to date. The Board is confident that this increasing trend of cash collection will continue. The Company would also take this opportunity to confirm that the ongoing ABI General Terms of Agreement ("GTA") rate review has now been concluded and that, as a result, current GTA rates are expected to increase by 3.5% for all new hires commencing on or after 1 June 2008. CHANGE OF ADVISER The Board is also delighted to announce that Landsbanki Securities (UK) Limited has been retained as the Company's new financial adviser and broker with effect from today's date. ENDS CONTACTS: Accident Exchange Group Plc Steve Evans, Chief Executive 08700-116 719 Martin Andrews, Group Finance Director 08700-053 649 Landsbanki Securities (UK) Ltd 020-7426-9000 Shaun Dobson or Tom Hulme Bankside Steve Liebmann or Simon Bloomfield 020-7367-8888 About Accident Exchange Based in Coleshill, West Midlands, Accident Exchange delivers accident management and other solutions to automotive and insurance related sectors. Fully listed, the stock code is LSE: ACE. For further information on Accident Exchange, please visit the company's website: www.accidentexchange.com. ENDTSTSSLFIUSASELI