6th Aug 2019 09:01
(Alliance News) - Credit hire and legal services provider Anexo Group PLC said Tuesday profit in 2019 will "significantly" exceed market expectations of GBP20 million.
The company has renegotiated working capital facilities, it said, and secured improvements in financing agreements from both new and existing providers.
Anexo has also agreed new terms with its existing fleet insurance provider which is expected to lead to higher than previously predicted savings in 2019 and 2020.
The growth of the new regional office of Bond Turner, the company's legal services division, continues to result in increased levels of case settlements, cash collection and overall legal fee income, Anexo continued.
Anexo achieved a record level of cash collection for July due to the increased capacity resulting from the new office.
Anexo said these factors mean pretax profit will "significantly" exceed GBP20 million, after a figure of GBP14.3 million in 2018, which had fallen slightly year-on-year.
The company will announce results for the six months to June on September 10. Shares in Anexo were trading 11% higher at 196.00 pence each on Tuesday in London.
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