Anexo Group plc (LON:ANX), the specialist integrated credit hire and legal services provider, has provided the following Trading Update ahead of its Annual General Meeting, to be held at 11 a.m. on Wednesday 16 June 2021.
The Board is pleased to announce that overall trading continues to perform in line with management expectations.
Within the Group’s Legal Services division, Bond Turner, cash collections for the first four months of FY-2021 are in line with management forecasts and are 11.8% ahead of those seen in the corresponding period in FY-2020. This is particularly pleasing since the court system has yet to return to full operational capacity.
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 seen an increase in average vehicle hire numbers following the relaxation of the national lockdown, with the number of vehicles on hire for the first four months of FY-2021 8.5% ahead of the same period in FY-2020. The Group is maintaining its policy of controlling vehicle numbers to maximise cash collections.
Anexo Group intends to provide further details with its Interim Results.