Anexo Group plc (AIM: ANX), the specialist integrated credit hire and legal services provider, issued a trading update a few days ago. Here’s the press info FYI.
The Board is pleased to announce that overall trading continues to perform in line with management expectations. The Group intends to provide further details and to reinstate financial guidance to analysts and investors for the twelve months ended 31 December 2020 (‘FY-2020’) at the Interim Results, to be reported in August 2020.
With the gradual easing of restrictions related to Covid-19, many staff in the Group’s Legal Services division, Bond Turner, have returned to office working while observing social distancing guidelines; other employees continue to successfully work remotely. The Bond Turner offices have remained accessible 24 hours a day during recent months and the division has remained fully operational at all times.
The Group continues to recruit high quality legal staff in line with its policy of expanding its headcount to drive increased case settlements and cash collection.
EDGE, the Group’s Credit Hire division, has also remained fully operational throughout H1-2020. The majority of the Group’s introducer garages have returned to normal working practices and any existing backlog of repair work is being cleared. 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 is delighted to announce that, as a result of this overall strategy, the Group was net cash generative throughout H1-2020.