The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAnexo Group Plc Regulatory News (ANX)

Share Price Information for Anexo Group Plc (ANX)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 69.00
Bid: 68.00
Ask: 70.00
Change: 0.00 (0.00%)
Spread: 2.00 (2.941%)
Open: 68.00
High: 69.00
Low: 67.00
Prev. Close: 68.00
ANX Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Pre-Close Trading Statement

7 Apr 2022 07:00

RNS Number : 5284H
Anexo Group PLC
07 April 2022
 

For immediate release

7 April 2022

 

Anexo Group plc

('Anexo' or the 'Group')

 

Pre-Close Trading Statement

 

Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, is pleased to provide the following pre-close trading update for the year ended 31 December 2021 ('FY-2021') ahead of the release of its FY-2021 Final Results on 11 May 2022.

 

Highlights

· Current trading is in line with management expectations

· The Group remains focused on quality claims, high service standards and high success rates. The number of vehicles on the road has been reduced to 1,955

· Bond Turner's Housing Disrepair team has settled 850 cases since inception and a further 1,800 cases are currently under management

· New debt funding of £10.5 million has been secured

· The funding facility provided by Secure Trust Bank Plc is being increased by a further £7.5 million through three quarterly increases during 2022

 

Current Trading

 

Further to the FY 2021 trading update provided on 18 January 2022, the Group is pleased to announce that trading across all its divisions remains in line with management expectations. Following the successful launch of the MCE insurance contract in November 2021, the Group has modified its approach to vehicle funding accordingly, with a continued focus on quality claims, high service standards and high success rates. The adoption of this targeted approach has led to a reduction in the number of vehicles on the road within the Group's credit hire division, EDGE, and the current total stands at 1,955. This represents a significant increase on the same period last year and stands at a level which facilitates management of the Group's working capital requirements.

 

The Group's legal division, Bond Turner, continues to benefit from the re-opening of the court system, which enables litigators to increase case settlements and cash collection, supporting further investment in new cases. This trend is expected to continue through 2022 and cash collections are currently running at record levels.

 

On 7 December 2021 the Group announced a new Housing Disrepair team within Bond Turner. The team continues to perform strongly; it is currently dealing with approximately 1,800 cases and since inception has settled approximately 850 cases. The Board believes that the prospects for growth in this division are very positive.

 

The Group continues to monitor the legal action against Volkswagen AG (the 'VW Emissions' case). A court date for the hearing of the class action has been set for January 2023. The Board believes there is a likelihood of further developments during the course of 2022.

 

Increase In Debt Facilities

 

The Group is pleased to announce an increase in its overall debt facilities. New debt facilities of £7.5 million have been secured from a new lender on regular commercial terms. In addition, the funding facility provided by Secure Trust Bank Plc (Secure Trust) is being increased by £7.5 million through three quarterly increases of £2.5 million, taking the overall facility to £40.0 million. This increased facility is provided on the same commercial terms as those announced on 30 September 2021.

 

The Group has also secured a further £3.0 million of litigation funding to support investment in further diesel emission class actions.

 

Alan Sellers, Executive Chairman of Anexo Group, commented: "We are pleased to report that Anexo continues to operate in line with management's expectations. Overall, we have seen improvement across all business areas and our targeted approach has resulted in a continued emphasis on quality claims, high success rates and high levels of service to our customers. Cash collections continue to improve on an ongoing basis. We look forward to updating shareholders further at our final results in May."

 

 

 

 

- Ends -

 

 

For further enquiries:

Anexo Group plc

+44 (0) 151 227 3008

www.anexo-group.com

Alan Sellers, Executive Chairman

Mark Bringloe, Chief Financial Officer

Nick Dashwood Brown, Head of Investor Relations

 

Arden Partners plc

(Nominated Adviser and Broker)

 

+44 (0) 20 7614 5900

www.arden-partners.co.uk

John Llewellyn-Lloyd / Louisa Waddell (Corporate)

Tim Dainton (Equity Sales)

 

 

Panmure Gordon

(Joint Broker)

Ed Walsh/Dominic Morley

 

 

+44 (0) 20 7886 2500

www.panmure.com

Notes to Editors:

 

Anexo is a specialist integrated credit hire and legal services provider. The Group has created a unique business model by combining a direct capture Credit Hire business with a wholly owned Legal Services firm. The integrated business targets the impecunious not at fault motorist, referring to those who do not have the financial means or access to a replacement vehicle.

 

Through its dedicated Credit Hire sales team and network of over 1,100 active introducers around the UK, Anexo provides customers with an end-to-end service including the provision of Credit Hire vehicles, assistance with repair and recovery, and claims management services. The Group's Legal Services division, Bond Turner, provides the legal support to maximise the recovery of costs through settlement or court action as well as the processing of any associated personal injury claim.

 

The Group was admitted to trading on AIM in June 2018 with the ticker ANX.

 

For additional information please visit: www.anexo-group.com. To subscribe to our investor alert service and receive all press releases, financial results and other key shareholder messages as soon as they become available, please visit: https://www.anexo-group.com/content/investors/alert.asp.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTBKABKPBKDQQK
Date   Source Headline
7th Apr 20217:00 amRNSAppointment of Joint Corporate Broker
18th Mar 20211:18 pmRNSHolding(s) in Company
3rd Mar 20217:00 amRNSAcquisition of Shares by Major Shareholder
5th Feb 20214:41 pmRNSSecond Price Monitoring Extn
5th Feb 20214:36 pmRNSPrice Monitoring Extension
25th Jan 20217:00 amRNSFY 2020 Trading Update
13th Nov 20204:27 pmRNSNOTIFICATION OF MAJOR HOLDINGS
12th Nov 20207:00 amRNSAcquisition of Shares and Trading Update
9th Sep 20205:26 pmRNSNOTIFICATION OF MAJOR HOLDINGS
13th Aug 20207:00 amRNSInterim Results
22nd Jul 202011:30 amRNSResult of AGM
22nd Jul 20207:00 amRNSAGM Trading Update
29th Jun 20205:17 pmRNSAnnual Report and Notice of AGM
29th Jun 20202:36 pmRNSProgressive publishes new research
29th Jun 20207:00 amRNSFinal Results
25th Jun 202012:00 pmRNSNotice of Final Results
29th May 20201:04 pmRNSResult of Placing
29th May 20207:00 amRNSProposed Placing of £11 million
8th Apr 20207:00 amRNSHigh Court Judgment re. Volkswagen
3rd Apr 20204:41 pmRNSSecond Price Monitoring Extn
3rd Apr 20204:36 pmRNSPrice Monitoring Extension
3rd Apr 20207:00 amRNSFY-19 Results, COVID-19 Update and Trading Update
6th Mar 20204:02 pmRNSNotification of Major Holdings
5th Mar 20206:06 pmRNSREPLACEMENT: Director/PDMR Shareholding
5th Mar 20209:00 amRNSREPLACEMENT: Director/PDMR Shareholding
5th Mar 20207:00 amRNSDirector/PDMR Shareholding
4th Mar 20207:00 amRNSAppointment of Joint Corporate Broker
28th Jan 20207:00 amRNSTrading Update and Notice of Results
23rd Jan 202011:31 amRNSNotification of Major Holdings
14th Nov 20195:07 pmRNSDirector/PDMR Shareholding
2nd Oct 20198:16 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
1st Oct 20198:16 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
30th Sep 20198:16 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
30th Sep 20197:00 amRNSNotice of Capital Markets Day
27th Sep 20198:16 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
26th Sep 20198:17 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
25th Sep 20198:15 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
24th Sep 20198:17 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
23rd Sep 20198:16 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
20th Sep 20198:15 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
19th Sep 20198:16 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
18th Sep 20198:17 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
17th Sep 20198:15 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
16th Sep 20198:16 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
13th Sep 20198:16 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
12th Sep 20198:17 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
11th Sep 20197:16 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
10th Sep 20198:16 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)
10th Sep 20197:00 amRNSInterim Results
9th Sep 20198:15 amEQSAMUNDI ETF NASDAQ-100 - A: Net Asset Value(s)

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.