Nick Dashwood Brown from Anexo says trading continues to perform in line with expectations
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Nick Dashwood Brown, Head of Investor Relations at Anexo #ANX says trading continues to perform in line with expectations with average vehicle numbers for the first four months of FY-2022 increasing by 52% on the same period for FY-2021.
Highlights
The Board is pleased to announce that overall trading continues to perform in line with management expectations.
EDGE, the Group's Credit Hire division, ended 2021 with record numbers of vehicles on the road. The Group monitors its fleet size constantly and has maintained its policy of controlling vehicle numbers to maximise cash collections. Average vehicle numbers for the first four months of FY-2022 stood at 2,079, an increase of 52% on the same period for FY-2021.
Within the Group's Legal Services division, Bond Turner, cash collections for the first four months of FY-2022 are in line with management forecasts and are 24% ahead of those seen in the corresponding period in FY-2021. The Housing Disrepair division is also performing in line with management forecasts. The number of cases acquired from inception until the end of April stands at around 3,300, some 950 of which have been settled. The Board expects the number of settlements to accelerate as the year progresses.
As announced on 26 May 2022, the Group remains in negotiations with Volkswagen AG ('VW') concerning the class action brought against VW and its subsidiaries (the 'VW Emissions case'). A further announcement will be made in due course.
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