Anexo (LON:ANX) The StockwatchUK meeting notes.

An Introduction to ANEXO plc.

Currently a £190m market cap, AIM listed, business support company offering an end to end, car & bike repair to insurance litigation, representing no fault claimants who are impecunious motorists, in the UK. There are two divisions to Anexo, Bond Turner (solicitors) and Edge, the credit vehicle hire operation. A local garage (‘Fred in a shed’ types, England, Wales) does the repairs, ‘at a fair price’ and the injured party’s insurance company is not involved. You have no obligation to tell your insurer that your vehicle / you were involved in no fault accident. The PLC offers the no fault injured party a credit hire vehicle, from their own fleet (Anexo are Yamaha’s biggest UK customer, £4m spend a year) which is charges for the repair period (£249 a day mentioned for a car) together with all accident related costs recovered from the at fault driver’s insurer covering say helmet, loss of earnings etc. Bond Turner and the in-house litigation team does the representation. Since the IPO, the PLC has expanded from its Liverpool HQ to Bolton and will soon have an office in Leeds and hiring lawyers to litigate is not a problem and this type of law quite automated. An interesting and growing class action against VW for emission claim is being developed alongside NHS opportunities. The stock was IPOed 18 months ago and has had 5 profit upgrades since. The FY results are to be in early April and the shares almost doubled since the 100p float on 20/6/18. The Exec Chairman (barrister, founder) & wife own 70% of the PLC and are out of lock up. AXA, LGEN, Charles Stanley, Henderson and Killik were mentioned as holders. A lawyer with a difference?

The Chairman and CFO presented very well at a Tuesday night (21/1/20) investor evening organised by Progressive. The broker is Arden, with Progressive Research also on the research ticket. The FY results will be early April, and this follows a CMD that was organised on the 12/11/19. The 1H statement saw FY20 and beyond ‘with considerable optimism’. The PLC was described as being at a ‘tipping point and cash generative’. The FY results will have a purpose and point to prove.

Alan Sellers, the executive Chairman remains a barrister whilst…

Unlock the rest of this article with a 14 day trial

or Unlock with your email

Already have an account?
Login here