Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, today provides the following Trading Update in respect of the year ending 31 December 2019 (‘FY-2019’).
The Group has recently successfully renegotiated its working capital facilities and has secured considerable improvement in its financing arrangements from both new and existing providers. The Group has also agreed new terms with its existing fleet insurance provider which are expected to deliver enhanced savings against the Group’s original forecasts for the remainder of FY-2019 and for FY-2020. These achievements highlight the growing strength of the Group’s negotiating position as well as the quality of the systems in place to mitigate risk. Furthermore, the targeting of specific claims types from the impecunious market place has allowed the Group to deploy capital into the most valuable claims, enhancing its average claim statistics and underlying profitability.
The growth of the new regional office of Bond Turner, the Group’s legal services division, continues to result in increased levels of case settlements, cash collection and overall legal fee income. The Board is pleased to announce that the increased capacity generated by its expansion has achieved a record level of cash collection for the month of July 2019.
Taking these matters together, the Board now confirms that profit before tax will significantly exceed current market expectations of £20.0 million.
The Group will announce its Interim Results for the six months ended 30 June 2019 (‘H1-2019’) on Tuesday, 10 September 2019. A presentation for analysts will be held on the day of results at 9.30 a.m. at the offices of Buchanan, 107 Cheapside, London EC2V 6DN.