Anexo Group trading in line, remains cash generative

Credit hire and legal services company Anexo Group said on Wednesday that its overall trading was still in line with management expectations.

The AIM-traded firm said that, with the gradual easing of Covid-19 restrictions, a number of staff in its legal services division Bond Turner had returned to office working while observing social distancing guidelines, with other employees continuing to work remotely.

It said the Bond Turner offices had remained constantly accessible in recent months, with the division fully operational at all times.

The group said it was continuing to recruit “high quality” legal staff, in line with its policy of expanding its headcount to drive increased case settlements and cash collection.

Its credit hire division ‘EDGE’ had also remained fully operational throughout the first half.

“The majority of the group's introducer garages have returned to normal working practices and any existing backlog of repair work is being cleared,” the board said in its statement.

“Average vehicle hire numbers have returned to pre-Covid levels and fleet utilisation remains in line with historic norms.

“Overall vehicle numbers are being carefully managed in line with the group's policy of controlling fleet growth and increasing cash collections.”

The board said that, as a result of its overall strategy, the group was net cash generative throughout the first half.

At the same time it announced, with immediate effect, the appointment of Dawn O'Brien to the board as director of Bond Turner.

It said O’Brien originally began her career as a barrister, joining Bond Turner in 2006 before being appointed CEO of the division in 2009.

Following her appointment, Joanne Allen would be appointed company secretary.

Anexo said it was intending to provide further details, and to reinstate financial guidance for the 12 months ending 31 December, at its interim results in August.

At 0929 BST, shares in Anexo Group were down 2.22% at 132p.