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Anexo brings back Bringloe as interim CFO as profit and revenue rise

22nd Aug 2023 11:02

(Alliance News) - Anexo Group PLC on Tuesday said its profit and revenue significantly increased despite a dip in earnings per share, and announced the return of its former chief financial officer.

The stock was up 13% at 68.00 pence late on Tuesday morning in London.

The Liverpool, England-based integrated credit hire and legal services company said Mark Bringloe has been re-appointed to its board, as interim chief financial officer, with immediate effect.

Anexo previously had promoted then-Head of Operations Gary Carrington to interim CFO in mid-April, following Mark Fryer's resignation from the permanent role.

Bringloe joined Anexo in 2009 as finance director, and was promoted to CFO in 2018 upon the company's admission to trading on AIM. He resigned in July 2022.

Executive Chair Alan Sellers said Bringloe "has worked as an integral part of the management team for many years and his extensive knowledge of the group's operations and its business and shareholder relationships are a great asset."

Also on Tuesday, Anexo said its pretax profit increased 12% in the first half of 2023, to GBP15.2 million from GBP13.6 million. Operating profit increased to GBP19.3 million from GBP16.1 million.

The company's net debt decreased to GBP61.2 million at June 30, from GBP74.2 million on the same date in 2022, which Sellers said conformed to Anexo's focus on "delivering a meaningful reduction". Cash collections meanwhile increased 14% to GBP77.4 million from GBP67.9 million.

Revenue increased 13% to GBP77.8 million from GBP68.6 million, which Anexo said reflected increased legal income from two claim settlements and the settlement agreement reached in early June in its litigation against Volkswagen AG.

Basic and diluted earnings per share, however, decreased 7.5% to 8.6p from 9.3p.

Anexo did not declare a dividend, saying it "continues to invest heavily in future opportunities including HDR and Emissions," and that it will reconsider its position following the preparation of its final 2023 results.

Going forward, Sellers said this strong performance will enable Anexo to continue accepting more claims in the second half of 2023, and that the company remains confident that it will meet market expectations for the full year.

"Having demonstrated our ability to drive the business for cash generation, we are expecting growth in vehicle numbers, revenues and profits in the second half of the year, without the need to fund this growth from our current debt facilities.

"As cash collections continue to increase, we will be able to invest further and drive growth across all our divisions including [Housing Disrepair] and Emissions claims."

By Emma Curzon, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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