REG - Anexo Group PLC - FY 2024 Trading Update

AnexoAnnouncement

06/02/2025 07:00

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RNS Number : 0707W  Anexo Group PLC  06 February 2025

 For immediate release  6 February 2025

 

Anexo Group plc

('Anexo' or the 'Group')

 

FY 2024 Trading Update

 

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 2024 ('FY 2024').

 

The Group is pleased to announce that trading in FY2024 was in line with the
Board's expectations.

 

Housing Disrepair and serious injury work continue to make an increasing
contribution to the Group's overall performance against the backdrop of a
solid performance across all Group divisions.

 

Class Actions

 

The Group has continued its investment in diesel emissions claims, resulting
in active claims against certain vehicle manufacturers including Mercedes
Benz, Vauxhall, BMW/Mini, Peugeot/Citroen and Renault/Nissan. Investment by
the Group in emissions claims in FY 2024 totalled approximately £6.5 million
(FY 2023: £4.3 million). The investment has created a solid and diverse case
portfolio for the Group and, as previously reported, the Group has secured
claims against Mercedes Benz from approximately 12,000 clients, and a further
25,000 claims against certain other manufacturers. Court proceedings have been
issued for all cases. Although the timing of any negotiations remains
uncertain, any potential settlement of these claims is expected to
significantly enhance the Group's profitability and cashflows, while
importantly also materially reducing its net debt. Further hearings and
conferences are scheduled to take place between March and July 2025. The Group
will make further announcements as appropriate.

Debt Facilities

As previously announced, in August 2024 the Group completed on two new
financing facilities, agreeing a £30 million loan facility with Callodine
Commercial Finance LLC, of which £20 million has been drawn to provide
further headroom and to repay the £15 million loan provided by Blazehill
Capital Limited. The Group also completed on a £16 million revolving credit
facility with Lloyds Bank, which replaces the £10 million facility previously
provided by HSBC.

 

The Group has significantly increased headroom with these new facilities,
which have been secured until 2027. In securing these new increases and
extended facilities, the Group incurred arrangement fees, exit costs and legal
fees of £2.0 million. The new agreements have resulted in significant savings
in interest costs throughout the lifetime of the facilities.

 

The Group expects to announce its audited final results for FY 2024 in May
2025.

 

- Ends -

 

For further enquiries:

 

 Anexo Group
 plc
 +44 (0) 151 227 3008

 www.anexo-group.com
 (https://url.avanan.click/v2/r02/___http:/www.anexo-group.com___.YXAxZTpzaG9yZWNhcDphOm86MWUxZjNkMjkxNjA4YjFkNTQxY2Y3NzdiOGE2MjE1ZGI6NzpkMWRmOjVkYzgyOWYzMTE1MTI2MzY5M2UzNjgxYjMyYmIwYzZjZGRiYTNiMWY0YzBlMGMyYjE0ZjQwYTI4Yjk3OGI0MDk6cDpGOk4)

 Alan Sellers, Executive Chairman

 Mark Bringloe, Chief Financial Officer

 Nick Dashwood Brown, Head of Investor Relations

 Shore Capital (Nomad & Broker)                         +44 (0) 20 7408 4090
 Tom Griffiths / Sophie Collins (Corporate Advisory)

 Guy Wiehahn (Corporate Broking)

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 1,100 plus 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.

 Bond Turner incorporates a number of other specialist legal divisions. One
 deals with housing disrepair claims acting for clients living in conditions
 where there is disrepair, damp and mould, and concentrates mainly on the
 social housing sector. Another focuses on large loss claims, including
 professional and clinical negligence and complex medical claims. Bond Turner
 is also involved in group actions including diesel emissions and is currently
 pursuing claims against Mercedes and several other major manufacturers.

 The Group was admitted to trading on AIM in June 2018 with the ticker ANX. For
 additional information please visit: www.anexo-group.com
 (https://url.avanan.click/v2/r02/___http:/www.anexo-group.com___.YXAxZTpzaG9yZWNhcDphOm86MjVmNjU2MTFiMTA4ZGJkMjIxNDk4ZmI5OWY3OTMzMDU6NzpiN2JmOmFiNDZjYzU4Mzg1N2NlN2JiZjI2M2M3MTgxMmQ2ZDViYzM0YzdmOWQxNmNmZWY2OTI0OGQ0MjFiNzRkYjU2ZjU6cDpGOk4)
 .

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 1,100 plus 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.

Bond Turner incorporates a number of other specialist legal divisions. One
deals with housing disrepair claims acting for clients living in conditions
where there is disrepair, damp and mould, and concentrates mainly on the
social housing sector. Another focuses on large loss claims, including
professional and clinical negligence and complex medical claims. Bond Turner
is also involved in group actions including diesel emissions and is currently
pursuing claims against Mercedes and several other major manufacturers.

The Group was admitted to trading on AIM in June 2018 with the ticker ANX. For
additional information please visit: www.anexo-group.com
(https://url.avanan.click/v2/r02/___http:/www.anexo-group.com___.YXAxZTpzaG9yZWNhcDphOm86MjVmNjU2MTFiMTA4ZGJkMjIxNDk4ZmI5OWY3OTMzMDU6NzpiN2JmOmFiNDZjYzU4Mzg1N2NlN2JiZjI2M2M3MTgxMmQ2ZDViYzM0YzdmOWQxNmNmZWY2OTI0OGQ0MjFiNzRkYjU2ZjU6cDpGOk4)
.

 

 

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