REG - Anexo Group PLC - Interim Results
For immediate release
13 September 2021
Anexo Group plc
('Anexo' or the 'Group')
Interim Results
"Strong post-lockdown recovery offers new opportunities for growth"
Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, is pleased to report Interim Results for the six months ended 30 June 2021 ('H1 2021' or the 'period'). The Board is pleased to report that the Group continued its robust recovery throughout the gradual lifting of the third lockdown. Anexo has continued to invest in its business and the Board is confident in the outcome for FY 2021.
Financial Highlights
H1 2021
H1 2020
Movement
Revenue
£48.3 million
£36.6 million
+31.9%
Operating profit
£10.4 million
£7.5 million
+38.5%
Profit before tax
£8.9 million
£6.3 million
+40.5%
Net assets
£117.8 million
£103.9 million
+13.3%
Cash collection
£56.7 million
£48.0 million
+18.1%
Basic EPS
6.1 pence
4.5 pence
+35.6%
·
Operating profit increased by 38.5 per cent to £10.4 million (H1 2020: £7.5 million) as a result of improved cash collections driving fee income into legal services and increased opportunities within credit hire
·
Net cash inflow from operating activities of £1.5 million (H1 2020: net cash inflow £6.2 million)
·
Overall net cash outflow of £6.8 million (H1 2020: net cash inflow £2.4 million), of which financing activities accounted for £7.0 million of cash outflow (H1 2020: net cash inflow from financing of £3.8 million)
·
Proposed interim dividend of 0.5p per share (H1 2020: 0.5p per share)
·
Net debt balance at 30 June 2021 stood at £44.4 million (30 June 2020: net debt of £27.1 million, 31 December 2020: £40.5 million)
·
The Board expects H2 2021 underlying profit before tax to continue to improve as cash collections grow, the number of cases settled in court increases following the reopening of courts in May 2021 for face-to face-hearings, and vehicle numbers continue to reach record levels
Operational Highlights
· Anexo continued its strong performance throughout the third lockdown and the subsequent four-stage easing ending in June 2021
· Vehicle numbers have increased strongly as overall traffic volumes have continued to recover to normal levels
· The number of Group vehicles on the road currently stands at 2,023 as at 7 September 2021
· Case settlements continued to rise despite court hearings in H1 2021 being largely held remotely via telephone or video conference
· Recruitment of high-quality legal staff has continued within the Group's legal services division
· The Group is engaged in negotiations with its existing finance providers for an increase in its current debt facilities, which will allow it to take advantage of the opportunities presented in both the credit hire and legal services divisions
KPIs
H1 2021
H1 2020
Movement
Number of vehicles on hire at the period end
1,740
1,380
+26.1%
Average number of vehicles on hire for the period
1,461
1,286
+13.6%
Completed vehicle hires
4,081
2,953
+38.2%
Number of hire cases settled
2,924
2,622
+11.5%
Cash collections from settled cases (£'000s)
56,665
47,961
+18.1%
Number of new cases funded
4,208
3,025
+39.1%
Legal staff employed at period end
578
450
+28.4%
Number of senior fee earners at period end
175
137
+27.8%
Average number of senior fee earners
164
134
+22.4%
Commenting on the Interim Results, Alan Sellers, Executive Chairman of Anexo Group plc, said:
"I am pleased to report that the Group has performed robustly during the first half of the year, notwithstanding the considerable challenges posed by the COVID-19 pandemic. Business activity in both our credit hire and legal services divisions have recovered strongly. We continue to put record numbers of vehicles on the road and to maximise cash collections by carefully managing hire periods and increasing the overall number of case settlements.
"The rise in vehicle demand and our continued focus on cash collections provide an excellent opportunity to further implement the Group's fundamental growth strategy. Our existing finance providers have offered increased facilities, the details of which are currently being finalised. These will allow us to increase the deployment of our fleet and accelerate the number of new cases we take on, while enabling ongoing investment in high quality litigators; thereby ensuring we maintain the relationship between new business and settlement capacity which has been the focus of the Group since listing.
"Following the amicable cessation of exploratory takeover talks, DBAY Advisers Ltd retains a seat on the Board as a major supportive shareholder. We believe that our growth strategy offers the best possible opportunity to create significant value for all our shareholders. We remain committed to our stated dividend policy and we look to the future with confidence."
- Ends -
Results Conference Call
An analyst conference call will be held at 09:30 BST today, 13 September 2021. Retail investors will also be able to listen to the call but will not be eligible to ask questions. A copy of the Interim Results presentation is available at the Group's website: https://www.anexo-group.com/. Please contact Nick Dashwood Brown, Head of Investor Relations, at nick@anexo-group.com if you would like to join the call.
An audio webcast of the conference call with analysts will be available after 12:00 BST today on the Company's website: www.anexo-group.com
For further enquiries:
Anexo Group plc
+44 (0) 151 227 3008
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)
Tim Dainton (Equity Sales)
+44 (0) 20 7614 5900
Panmure Gordon
(Joint Broker)
Ed Walsh/Dominic Morley
+44 (0) 20 7886 250
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.
Executive Chairman's Statement
On behalf of the Board, I am pleased to introduce Anexo's results for the six-month period ended 30 June 2021, a period during which the Group has shown a robust recovery from the restrictions imposed by the COVID pandemic. The increase in traffic levels following the easing of lockdown has led to record numbers of vehicles on the road, while increased case settlements within the legal services division have ensured a significant rise in cash collections.
The continuing demand for vehicles and the ongoing growth in staff levels within legal services combine to provide excellent opportunities for significant growth. The Board has considerable confidence in the prospects for H2 2021 and beyond.
H1 2021 Group Performance
Anexo has delivered a strong performance across all key Group financial metrics and KPIs over the first six months of the year, following a resilient performance during the COVID-19 related lockdowns. Group revenues in H1 2021 increased by 31.9 per cent to £48.3 million (H1 2020: £36.3 million) and profit before tax rose by 40.5 per cent to £8.9 million (H1 2020: £6.3 million).
Credit Hire Division
Demand for vehicles remained strong throughout the lockdown period and continued to increase steadily throughout the various stages of lockdown easing which began on 8 March 2021. The average number of vehicles on the road during H1 2021 reached 1,461 (H1 202: 1,286), a 13.6 per cent increase on the prior year. The rising rate of the recovery in demand is illustrated by the number of vehicles on hire at the period end, which stood at 1,740 as at 30 June 2021, a rise of 26.1 per cent on the same date last year.
This increase led to growth in Credit Hire revenue of 27.1 per cent, rising from £20.7 million in H1 2020 to £26.3 million in H1 2021. Profit before tax in the Credit Hire division rose by 17.0 per cent to £7.97 million in H1 2021 (H1 2020: £6.81 million). Completed vehicle hires rose by 38.2 per cent to 4,081 in H1 2021 (H1 2020: 2,953). This increase has been supported by a number of new protocols with insurance companies and by ongoing investment in technology and staff within the Group's legal subsidiary, Bond Turner. Consequently, the average hire period in H1 2021 fell by 15.9 per cent to 69 days (H1 2020: 82 days).
The Group's active hire fleet currently divides into roughly one third cars and commercial vehicles and two thirds motorcycles. Further strategic investment in the fleet is likely to maintain this ratio. We seek to target the most valuable claims for the Group, which has the effect of improving individual claim performance and driving growth in revenues and profitability over and above the number of vehicles on the road.
Legal Services Division
The Group's longstanding policy is to grow its claim settlement capacity and consequently recruitment has continued throughout the lockdown period, including the opening of the Leeds office in Q1 2021. The number of senior fee earners employed at the end of H1 2021 rose by 27.8 per cent to 175 (H1 2020: 137) and the overall number of legal staff rose from 450 in H1 2020 to 578 in H1 2021, an increase of 28.4 per cent.
This investment has underpinned continued growth in cash collections, which rose 18.1% in H1 2021 to a total of £56.67 million (H1 2020: £47.96 million). Revenues from the Legal Services division, which strongly converts to cash, increased by 38.2 per cent to £22.01 million in H1 2021 (H1 2020: £15.92 million). Profit before taxation rose from £0.84 million in H1 2020 to £2.59 million in H1 2021, an increase of 209 per cent. The Group expects this revenue trend to continue as more of our staff reach maturity from a cash collection and settlement position.
The advocacy team continues to act on behalf of a number of individuals in the pursuit of a claim against Volkswagen AG ("VW") and its subsidiaries (the "VW Emissions case"). Following a marketing campaign in FY 2020 conducted mainly via social media, the Group announced on 27 April 2021 that it was engaged in approximately 14,356 cases. Given the strong recovery in credit hire demand as the lifting of lockdown accelerated, the Board took the decision to concentrate its working capital on maximising fleet utilisation and corresponding capacity within the Legal Services division. Consequently there has been no marketing spend on the VW Emissions case in H1 2021 and the number of cases remains broadly unchanged. The Group anticipates further developments in the case during H2 2021.
Dividend
The Board is pleased to propose an interim dividend of 0.5p per share which will paid on 22 October 2021 to those shareholders on the register at the close of business on 24 September 2021. The shares will become ex-dividend on 23 September 2021. The Board intends to maintain its stated dividend policy.
Trading Outlook
Current activity levels indicate a strong second half performance for the Credit Hire division. The number of vehicles on the road is consistently reaching record levels and, as of 7 September 2021, stands at 2,023. The outlook for the Legal Services division is also strongly positive, with case settlements and consequent cash collections set to increase as the courts re-open fully and the backlog of cases diminishes.
The Group's finance providers have proposed increases in our debt facilities and the Board anticipates that agreements will be concluded shortly. Current market conditions offer significant opportunities and the Board believes that reaffirming its growth strategy will benefit both the Credit Hire and Legal Services divisions and contribute to the creation of value for all our shareholders. The Board looks to the second half of 2021 and beyond with renewed optimism.
Alan Sellers
Executive Chairman
13 September 2021
Consolidated Statement of Comprehensive Income
For the unaudited period ended 30 June 2021
Unaudited
Unaudited
Audited
Half year
ended
Half year
ended
Year ended
30-Jun-21
30-Jun-20
31-Dec-20
Note
£'000s
£'000s
£'000s
Revenue
2
48,316
36,625
86,752
Cost of sales
(10,668)
(7,560)
(18,800)
Gross profit
37,648
29,065
67,952
Depreciation & profit / loss on disposal
(3,809)
(3,163)
(6,571)
Amortisation
(65)
(44)
(92)
Administrative expenses
(23,171)
(18,044)
(42,581)
Operating profit before exceptional items
10,603
7,814
18,708
Share based payment charges
(236)
(329)
(658)
Non-recurring administrative expenses
-
-
-
Operating profit
10,367
7,485
18,050
Net financing expense
(1,456)
(1,141)
(2,562)
Profit before tax
8,911
6,344
15,488
Taxation
(1,810)
(1,374)
(3,173)
Profit and total comprehensive income for the year attributable to the owners of the company
7,101
4,970
12,315
Earnings per share
Basic earnings per share (pence)
6.1
4.5
10.8
Diluted earnings per share (pence)
6.0
4.4
10.6
The above results were derived from continuing operations.
Consolidated Statement of Financial Position
Unaudited at 30 June 2021
Unaudited
Unaudited
Audited
30-Jun-21
30-Jun-20
31-Dec-20
Assets
Note
£'000s
£'000s
£'000s
Non-current assets
Property, plant and equipment
3
2,217
1,788
2,187
Right-of-use assets
13,337
9,398
13,081
Intangible assets
238
191
234
Deferred tax assets
112
112
112
15,904
11,489
15,614
Current assets
Trade and other receivables
4
160,485
132,266
147,931
Corporation tax receivable
439
-
439
Cash and cash equivalents
1,418
11,211
8,220
162,342
143,477
156,590
Total assets
178,246
154,966
172,204
Equity and liabilities
Equity
Share capital
58
58
58
Share premium
16,161
16,180
16,161
Share based payment reserve
1,935
1,370
1,699
Retained earnings
99,621
86,334
92,520
Equity attributable to the owners of the Group
117,775
103,942
110,438
Non-current liabilities
5
Other interest-bearing loans and borrowings
3,029
2,021
3,681
Lease liabilities
7,382
5,576
8,945
Deferred tax liabilities
32
-
32
10,443
7,597
12,658
Current liabilities
5
Other interest-bearing loans and borrowings
28,781
26,528
31,294
Lease liabilities
6,619
4,204
4,753
Trade and other payables
9,108
7,726
9,505
Corporation tax liability
5,520
4,969
3,556
50,028
43,427
49,108
Total liabilities
60,471
51,024
61,766
Total equity and liabilities
178,246
154,966
172,204
Consolidated Statement of Changes in Equity
For the unaudited period ended 30 June 2021
Share capital
Share
premium
Share based payment reserve
Retained
earnings
Total
£'000s
£'000s
£'000s
£'000s
£'000s
At 1 January 2021
58
16,161
1,699
92,520
110,438
Profit for the period and total comprehensive income
-
-
-
7,101
7,101
Issue of share capital
-
-
-
-
-
Share based payment charge
-
-
236
-
236
Dividends
-
-
-
-
-
At 30 June 2021
58
16,161
1,935
99,621
117,775
At 1 January 2020
55
9,235
1,041
81,365
91,696
Profit for the period and total comprehensive income
-
-
-
4,970
4,970
Issue of share capital
3
6,944
-
-
6,947
Share based payment charge
-
-
329
-
329
Dividends
-
-
-
-
-
At 30 June 2020
58
16,179
1,370
86,335
103,942
Profit for the period and total comprehensive income
-
-
-
7,345
7,345
Share based payments charge
-
-
329
-
329
Adjustment
-
(18)
-
-
(18)
Dividends
-
-
-
(1,160)
(1,160)
At 31 December 2020
58
16,161
1,699
92,520
110,438
Anexo Group Plc
Consolidated Statement of Cash Flows
For the unaudited period ended 30 June 2021
Unaudited
Unaudited
Half year
ended
Half year
ended
Audited
Year ended
30-Jun-21
30-Jun-20
31-Dec-20
£'000s
£'000s
£'000s
Cash flows from operating activities
Profit for the year
7,101
4,970
12,315
Adjustments for:
Depreciation and profit / loss on disposal
3,809
3,163
6,571
Amortisation
65
44
92
Financial expense
1,456
1,141
2,562
Taxation
1,810
1,374
3,173
14,241
10,692
25,371
Working capital adjustments
Increase in trade and other receivables
(12,577)
(4,611)
(20,686)
Increase in trade and other payables
(160)
137
1,588
Cash generated from operations
1,504
6,218
6,273
Interest paid
(1,335)
(965)
(2,422)
Tax repaid
154
(27)
(3,646)
Net cash from operating activities
323
5,226
205
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
448
476
853
Acquisition of property, plant and equipment
(497)
(512)
(223)
Investment in intangible fixed assets
(70)
(59)
150
Receipt of directors loan receivable
-
-
415
Net cash from investing activities
(119)
(95)
895
Cash flows from financing activities
Net proceeds from the issue of
share capital
-
6,947
6,929
Proceeds from new loans
908
3,324
12,924
Dividends paid
-
-
(1,160)
Repayment of borrowings
(4,171)
(3,170)
(6,257)
Lease payments
(3,743)
(3,291)
(7,586)
Net cash from financing activities
(7,006)
3,810
4,850
Net increase / (decrease) in cash and cash equivalents
(6,802)
8,941
5,950
Cash and cash equivalents at 1 January
8,220
2,270
2,270
Cash and cash equivalents at period end
1,418
11,211
8,220
Anexo Group Plc
Notes to the Interim Statements
For the unaudited period ended 30 June 2021
1. Basis of preparation and significant accounting policies
The condensed consolidated financial statements are prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard ('IAS') 34, 'Interim Financial Reporting'.
The information for the year ended 31 December 2020 does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor's report on these accounts was not qualified and did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain statements under Section 498 (2) or (3) of the Companies Act 2006.
The condensed unaudited financial statements for the six months to 30 June 2021 have not been audited or reviewed by auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.
The condensed consolidated financial statements have been prepared under the going concern assumption.
The Directors have assessed the future funding requirement of the Group, and have compared them to the levels of available cash and funding resources. The assessment included a review of current financial projections to December 2022. Having undertaken this work, the Directors are of the opinion that the Group has adequate resources to finance its operations for the foreseeable future and accordingly, continue to adopt the going concern basis in preparing the Interim Report.
2. Segmental Reporting
The Group's reportable segments are as follows:
· the provision of credit hire vehicles to individuals who have had a non-fault accident, and
· associated legal services in the support of the individual provided with a vehicle by the Group and other legal service activities, and
· investment in the Volkswagen class action, and
· Group and central costs.
Management monitors the operating results of business segments separately for the purpose of making decisions about resources to be allocated and of assessing performance.
Half year ended 30 June 2021
Credit Hire
Legal Services
VW Class
Action
Group and Central Costs
Consolidated
£'000s
£'000s
£'000s
£'000s
£'000s
Revenues
Third party
26,306
22,010
-
-
48,316
Total revenues
26,306
22,010
-
-
48,316
Profit before taxation
7,970
2,590
(477)
(1,172)
8,911
Net cash from operations
284
1,213
(477)
(697)
323
Depreciation
3,138
736
-
-
3,874
Segment assets
130,723
46,807
-
716
178,246
Capital expenditure
Segment liabilities
37,681
20,224
2,351
215
60,471
Half year ended 30 June 2020
Credit Hire
Legal Services
VW Class
Action
Group and Central Costs
Consolidated
£'000s
£'000s
£'000s
£'000s
£'000s
Revenues
Third party
20,702
15,923
-
-
36,625
Total revenues
20,702
15,923
-
-
36,625
Profit before taxation
6,812
837
(689)
(616)
6,344
Net cash from operations
4,553
1,931
(689)
(569)
5,226
Depreciation
2,802
405
-
-
3,207
Segment assets
107,511
44,363
-
3,092
154,966
Capital expenditure
1,657
324
-
-
1,981
Segment liabilities
29,905
18,813
2,022
284
51,024
Year ended 31 December 2020
Credit Hire
Legal Services
VW Class
Action
Group and Central Costs
Consolidated
£'000s
£'000s
£'000s
£'000s
£'000s
Revenues
Third party
51,591
35,161
-
-
86,752
Total revenues
51,591
35,161
-
-
86,752
Profit before taxation
17,892
2,817
(2,906)
(2,314)
15,488
Net cash from operations
(15)
3,287
(2,906)
(161)
205
Depreciation
5,492
1,173
-
-
6,665
Segment assets
125,055
45,789
-
1,360
172,204
Capital expenditure
4,238
900
-
-
5,138
Segment liabilities
39,521
16,886
2,251
3,108
61,766
3. Property, Plant and Equipment
Property
Fixtures
Fittings &
Right of
Office
Improvement
Equipment
Use assets
Equipment
Total
£'000s
£'000s
£'000s
£'000s
£'000s
Cost or valuation
At 1 January 2020
453
1,781
17,176
787
20,197
Additions
23
289
2,982
52
3,346
Disposals
-
-
(1,570)
-
(1,570)
At 30 June 2020
476
2,070
18,588
839
21,973
Additions
16
605
7,194
39
7,854
Adjustment / Disposals
-
-
(1,089)
-
(1,089)
At 31 December 2020
492
2,675
24,693
878
28,738
Additions
-
287
4,213
57
4,557
Disposals
-
-
(6,084)
-
(6,084)
At 30 June 2021
492
2,962
22,822
935
27,211
Depreciation
At 1 January 2020
273
460
7,319
651
8,703
Charge for year
16
177
3,085
20
3,298
Eliminated on disposal
-
-
(1,214)
-
(1,214)
At 30 June 2020
289
637
9,190
671
10,787
Charge for the year
8
222
3,248
31
3,509
Adjustment / disposals
-
-
(826)
-
(826)
At 31 December 2020
297
859
11,612
702
13,470
Charge for the year
13
270
3,560
31
3,874
Adjustment / disposals
-
-
(5,687)
-
(5,687)
At 30 June 2021
310
1,129
9,485
733
11,657
Carrying amount
At 30 June 2021
182
1,833
13,337
202
15,554
At 31 December 2020
195
1,816
13,081
176
15,268
At 30 June 2020
187
1,433
9,398
168
11,186
4. Trade and Other Receivables
Jun-21
Jun-20
Dec-20
£'000s
£'000s
£'000s
Trade receivables - gross claim value
289,030
234,390
262,575
Settlement adjustment on initial recognition
(140,903)
(108,875)
(121,967)
Provision for impairment of trade receivables
(19,108)
(18,416)
(21,016)
Net trade receivables
129,019
107,099
119,592
Accrued income
30,258
23,826
27,100
Prepayments
1,093
526
596
Other debtors
95
815
643
160,465
132,266
147,931
The Group's exposure to credit and market risks, including impairments and allowances for credit losses, relating to trade and other receivables is disclosed in the financial risk management and impairment of financial assets note.
Trade receivables stated above include amounts due at the end of the reporting period for which an allowance for doubtful debts has not been recognised as the amounts are still considered recoverable and there has been no significant change in credit quality.
5. Borrowings
Jun-21
Jun-20
Dec-20
£'000s
£'000s
£'000s
Non-current loans and borrowings
Other borrowings
3,029
2,021
3,681
Lease liabilities
7,382
5,576
8,945
10,411
7,597
12,626
Current loans and borrowings
Invoice discounting facility
15,449
17,320
16,341
Revolving credit facility
8,000
8,000
8,000
Other borrowings
5,332
1,208
6,953
Lease liabilities
6,619
4,204
4,753
35,400
30,732
36,047
Direct Accident Management Limited uses an invoice discounting facility which is secured on the trade receivables of that company. Security held in relation to the facility includes a debenture over all assets of Direct Accident Management Limited dated 11 October 2016, extended to cover the assets of Anexo Group Plc and Edge Vehicles Rentals Group Limited from 20 June 2018 and 28 June 2018 respectively, as well as a cross corporate guarantee with Professional and Legal Services Limited dated 21 February 2018.
In July 2020 Direct Accident Management Limited secured a £5.0 million loan facility from Secure Trust Bank Plc, under the Government's CLBILS scheme. The loan was secured on a repayment basis over the three year period, with a three month capital repayment holiday, £2.0 million of which was to be paid as a final instalment.
Direct Accident Management Limited is also party to the number of finance leases which are secured over the respective assets funded.
The revolving credit facility is secured by way of a fixed charge dated 26 September 2019, over all present and future property, assets and rights (including uncalled capital) of Bond Turner Limited. The loan is structured as a revolving credit facility which is committed for a three-year period, until 27 September 2022, with no associated repayments due before that date. Interest is charged at 3.25% over LIBOR.
In July 2020 Anexo Group Plc secured a loan of £2.1m from a specialist litigation funder to support the investment in marketing costs associated with the VW Emissions Class Action. The terms of the loan are that interest accrues at the rate of 10% per annum, with maturity at the earlier of settlement of the claim and receipt of the proceeds or three years from the date of receipt of funding. In addition to the interest charges the loan attracts a share of the proceeds to be determined by reference to the level of fees generated for the Group.
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