Liverpool’s Anexo ups revenue 39% to £79m

Anexo executive chairman Alan Sellers

Liverpool-based Anexo Group, the AIM-listed credit hire and legal services firm, said on Monday its revenue increased 39% to £78.5 million in the year to December 31, 2019.

Adjusted profit before tax and exceptional items increased 43% to £23.1 million.

Anexo Group offers replacement vehicles and legal services to individuals who have been involved in a “non-fault accident.”

Proposed final dividend is 0.5p per share, giving a total dividend for the year of 1.5p, the same as 2018.

Anexo Group executive chairman Alan Sellers said: “I am pleased to report another year of financial and operational progress across Anexo as our focus on driving cash generation yields positive results.  

“In 2019 we successfully grew our high quality legal team, allowing us to increase the number of cases settled and improve the working capital position of the group.

“Our core business continues to be focused on the ever-increasing opportunities identified in the UK credit hire market, but the board is also optimistic about the future outcome of our specialist advocacy team’s work on behalf of claimants in the VW emissions case, particularly with the support of the additional funding provided by the group’s placing in May 2020.

“We started the year well with high levels of cash collection continuing, and the board is pleased to confirm that in the first four months of the year our credit hire operation was net cash positive.  

“This is a key milestone for the group.

“Looking forward, we are also conscious of the future uncertainty shaped by the current COVID-19 pandemic.

“Both our business divisions have remained fully operational throughout the past few months and the group has demonstrated considerable resilience.

“Nevertheless, we continue to believe it is too early to provide forward looking financial guidance at this time.

“The board remains confident of the group’s capacity for organic growth and, given the resilience of our business and our strong financial position, believes Anexo is well positioned to weather the current storm and deliver near-term profitable growth to our shareholders.

“The board is delighted to propose a dividend of 0.5p.”