REG - Anexo Group PLC - FY2023 Trading Update & Update on Emissions Claims

AnexoAnnouncement

01/02/2024 07:00

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RNS Number : 5719B  Anexo Group PLC  01 February 2024

 For immediate release  1 February 2024

 

Anexo Group plc

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

 

FY 2023 Trading Update

 

Update on Emissions Claims

 

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 2023 ('FY 2023'), as well as an update on emissions
claims.

 

Trading Update

 

The Board is pleased to announce that the Group is trading in line with
management forecasts and that pre-tax profit for FY 2023 is expected to be
broadly in line with market expectations.

 

Emissions Claims

Following a judgment by the President of the King's Bench Division last month,
a three-day consolidated hearing in the High Court last week heard submissions
in respect of the case management for all diesel emissions cases.  All
outstanding applications for Group Litigation Orders (for each respective
manufacturer case) were heard and whilst they will be similar to those
previously ordered in Mercedes, the Board is awaiting confirmation from the
Court of the Terms of such Orders. At a five-day hearing in March, the Court
will also provide further directions for the wider case management of the
emissions cases as a whole, including to determine which two other
manufacturers' cases will be progressed at the same time as the Mercedes
claims. There will be a costs management hearing in May. Further trial periods
have been set: the first in October this year, which is likely to deal with
common issues (which are not manufacturer specific) across the emissions
cases; and the second in February 2025, which will be the first trial date for
the Mercedes case.

Bond Turner continued its investment in litigation concerning the various
Emission Claims throughout 2023. It was announced in the Interim Results
statement on 22 August 2023 that Bond Turner is acting for over 12,000
claimants in the group action against Mercedes. As of 31 December 2023, Bond
Turner is also acting for over 20,000 claimants against other manufacturers.

In the previous emissions action Bond Turner's clients were not part of the
Group Litigation Order ('GLO'), which brought together a number of legal firms
acting for different claimants. In the current action, Bond Turner will form
part of the respective GLOs, which should facilitate a more efficient legal
process to achieve a quicker resolution to the cases.

 

-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, Interim Chief Financial Officer

 Nick Dashwood Brown, Head of Investor Relations
 WH Ireland Limited

 (Nominated Adviser & Joint Broker)
 Hugh Morgan / Chris Hardie / Darshan Patel (Corporate)    +44 (0) 20 7220 1666

 Fraser Marshall / Harry Ansell (Broking)                www.whirelandplc.com/capital-markets
                                                         (https://url.avanan.click/v2/___https:/eu-west
                                                         -1.protection.sophos.com?d=whirelandplc.com&u=aHR0cDovL3d3dy53aGlyZWxhbmRwbGMuY29tL2NhcGl0YWwtbWFya2V0cw==&i=NWNkOTc2NmM5OWJhMjAxMDhmN2IyYzQ1&t=SXVCMnArbXpCUWFUR3hiN0dhVjR5Q3d4VDNrTGVJc1JZVXNxWVRpbE8zcz0=&h=0482e68813aa4f569a47aab5cdad04d1___.YXAxZTp3aGlyZWxhbmRwbGMyOmE6bzpjYjY3ZDZhNTE1ZmUwZTA0Zjg3MDFkYTJhYTAxZGMyNDo2OmU0NjA6M2ViNTgwYzkxMmM5NTFlMzUyMzM1ODhlNzcyOGFhMjZhNjI0OTkzOGRkOTkzZjQ5NTUzNjFjYzE5N2UwYTBkNzpoOlQ)

 Zeus

 (Joint Broker)                                          +44 (0) 20 3829 5000

 David Foreman / Louisa Waddell (Investment Banking)     w (http://www.arden-partners.co.uk) ww.zeuscapital.co.uk

                                                       (https://zeuscapital.co.uk/)
 Simon Johnson (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 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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