REG - Anexo Group PLC - FY 2021 Trading Update

AnexoAnnouncement

18/01/2022 07:05

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RNS Number : 7315Y  Anexo Group PLC  18 January 2022

 For immediate release  18 January 2022

 

Anexo Group plc

('Anexo', the 'Group' or the 'Company')

 

FY 2021 Trading Update

 

Notice of Results

 

Anexo (AIM: ANX), the specialist integrated credit hire and legal services
provider, is pleased to provide the following Trading Update in respect of the
year ended 31 December 2021 ('FY 2021').

 

The Board is pleased to announce that revenue growth has exceeded the Group's
forecasts and that profit before tax will be significantly ahead of market
expectations.

 

The Group's growth strategy has been supported by a sustained recovery in its
core business following the easing of the second national lockdown in March
2021. The number of vehicles on the road in the Group's credit hire division,
EDGE, reached record numbers in the second half of 2021 ('H2 2021'), peaking
at around 2,500 in December 2021. The number of vehicles on the road currently
stands at 2,300.

 

The strong performance has been underpinned by a number of factors, including
strong growth in the motorcycle courier market, the withdrawal of competitors
due to Covid and the implementation of the Civil Liability Act in May 2021 as
well as the deal with MCE previously announced on 25 November 2021.

 

The gradual re-opening of the courts has been beneficial to the Group's legal
division, Bond Turner, enabling litigators to increase case settlements and
cash collection, supporting further investment in new cases.  This trend is
expected to continue as more courts return to normal working.

 

On 7 December 2021 the Group announced the formation of a new Housing
Disrepair team within Bond Turner. The team has made a strong start, with both
new case and settlement numbers ahead of internal forecasts. The Group looks
forward to considerable growth in this area in 2022.

 

The Group continues to monitor developments in the legal action against
Volkswagen AG (the 'VW Emissions' case). The Group is actively engaged with
approximately 15,000 claims. As previously announced, all costs associated
with marketing and the processing of claims have been expensed as incurred;
investment in case acquisition and development in 2021 totalled £800,000.

 

Notice of Final Results

 

The Group will be announcing its Final Results for the year ended 31 December
2021 on Wednesday, 11 May 2022.

 

There will be a conference call for sell-side analysts at 09:30am on the day
of results, which will be hosted by Alan Sellers (Executive Chairman) and Mark
Bringloe (CFO). Retail investors will also be able to listen to the call but
will not be eligible to ask questions. A copy of the Final
Results presentation will be available at the Group's website on the day:
https://www.anexo-group.com/ (https://www.anexo-group.com/) . Please contact
Nick Dashwood Brown, Head of Investor Relations, at nick@anexo-group.com
(mailto:nick@anexo-group.com) if you would like to receive the dial in
details.

 

An audio webcast of the conference call with analysts will be made available
on the Group's investor relations website (www.anexo-group.com
(http://www.anexo-group.com/) ) after 12pm on the day of results.  A link
will be provided in the Final Results statement.

 

- Ends -

 

 

For further enquiries:

 

 Anexo Group plc                                    +44 (0) 151 227 3008

                                                    www.anexo-group.com (http://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)
 John Llewellyn-Lloyd / Louisa Waddell (Corporate)  +44 (0) 20 7614 5900

 Tim Dainton (Equity Sales)                         www.arden-partners.co.uk (http://www.arden-partners.co.uk)

 Panmure Gordon                                                              +44 (0) 20 7886 2500

 (Joint Broker)                                     www.panmure.com

 Ed Walsh/Dominic Morley

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
(http://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
(https://www.anexo-group.com/content/investors/alert.asp) .

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