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 ended 31 December 2019 (‘FY-2019’).
FY-2019 was a year of strong progress for Anexo. The Board is therefore pleased to announce that adjusted profit before tax will be in line with current market expectations. This reflects the continued expansion of the Group’s legal services division and the consequent increase in cash collection.
Anexo has continued its strategy of keeping the number of vehicles in its credit hire division (EDGE) at a consistent level. The Group has at the same time maintained its policy of increasing the number of litigators within its legal division (Bond Turner), thereby driving increased case settlements and cash collection relative to investment in new cases. The Group is pleased to announce that monthly cash collections during H2-2019 have consistently exceeded the levels achieved in H1-2019.
The Bolton office of Bond Turner continues to recruit high quality litigators and support staff and in the second half of 2019 doubled the size of its office space to almost 20,000 sq.ft.
Following the success of the Bolton office, the Group is pleased to announce that Bond Turner expects to open an office in Leeds during Q1-2020. The Leeds office will initially be staffed by existing senior employees relocating from Bolton. This new regional office will offer excellent opportunities for the recruitment of further staff and the Group expects its headcount within Bond Turner to continue to expand.