29th Jun 2020 13:55
(Alliance News) - Anexo Group PLC on Monday said profit climbed sharply in 2019 as strong performances from its Credit Hire and Legal Services divisions helped push revenue higher.
Credit hire and legal services firm Anexo reported a GBP22.4 million profit for 2019, up 57% from GBP14.3 million the year before as revenue increased 39% to GBP78.5 million from GBP56.5 million.
"Trading continued strongly throughout the year and has exceeded initial expectations. Both the Credit Hire and Legal Services divisions performed robustly, generating high levels of revenue growth," said Executive Chair Alan Sellers.
The company has proposed a final 0.5 pence per share dividend taking the total for 2019 to 1.5p per share, flat from the previous year.
Sellers said: "We started the year well with high levels of cash collection continuing, and the Board is pleased to confirm that in the first four months of the year our credit hire operation was net cash positive. This is a key milestone for the group. Looking forward, we are also conscious of the future uncertainty shaped by the current Covid-19 pandemic. Both our business divisions have remained fully operational throughout the past few months and the group has demonstrated considerable resilience. Nevertheless, we continue to believe it is too early to provide forward-looking financial guidance at this time.
"The board remains confident of the group's capacity for organic growth and, given the resilience of our business and our strong financial position, believes Anexo is well-positioned to weather the current storm and deliver near-term profitable growth to our shareholders. The board is delighted to propose a dividend of 0.5p."
Shares in Anexo were up 2.5% at 144.00p in London on Monday afternoon.
By Anna Farley; [email protected]
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