AGM Trading Update

RNS Number : 2293B

Anexo Group PLC

09 June 2021

 

For immediate release

9 June 2021

Anexo Group plc

('Anexo' or the 'Company')

AGM Trading Update

Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, is pleased to provide the following Trading Update ahead of its Annual General Meeting, to be held at 11 a.m. on Wednesday 16 June 2021.

The Board is pleased to announce that overall trading continues to perform in line with management expectations.

Within the Group's Legal Services division, Bond Turner, cash collections for the first four months of FY-2021 are in line with management forecasts and are 11.8% ahead of those seen in the corresponding period in FY-2020. This is particularly pleasing since the court system has yet to return to full operational capacity.

The Group continues to recruit high quality legal staff in line with its policy of expanding its headcount to drive increased case settlements and cash collection.

EDGE, the Group's Credit Hire division, has seen an increase in average vehicle hire numbers following the relaxation of the national lockdown, with the number of vehicles on hire for the first four months of FY-2021 8.5% ahead of the same period in FY-2020. The Group is maintaining its policy of controlling vehicle numbers to maximise cash collections.

The Group intends to provide further details with its Interim Results.

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For further enquiries:

Anexo Group plc	[phone] 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 Joint Broker)
John Llewellyn-Lloyd/Richard Johnson/Akhil Shah (Corporate) Tim Dainton (Equity sales)	[phone] www.arden-partners.co.uk
Panmure Gordon (Joint Broker) Ed Walsh/Dominic Morley/Alex Penney	[phone] 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 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.

The Group was admitted to trading on AIM in June 2018 with the ticker ANX.

For additional information please visit: www.anexo-group.com

 

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