21st Jul 2005 13:18
Accident Exchange Group PLC21 July 2005 21st July 2005 Accident Exchange Group Plc ("the Company") Directorate Changes The Board of Accident Exchange Group Plc is pleased to announce that it hastoday appointed two non-executive Directors effective immediately. David Alistair Galloway (59) is joining the Board as non-executive DeputyChairman. David is a chartered accountant, and over the last 30 years has helda number of senior operating and financial roles in the support services,automotive, hire and leasing industries including Managing Director of LexVehicle Leasing Group and Managing Director of Lex Industrial Services. Davidwas also a Director of RAC plc from 1996 to 2000. He is currently aNon-Executive Director of Speedy Hire Plc, Carter & Carter plc, May GurneyIntegrated Services plc, Williams Motor Holdings Limited and the DefenceAviation Repair Agency. David will chair the Company's Remuneration Committee and will be a member ofthe Audit Committee. Graham Kemble Stanley (54), is joining as a non-executive Director. Graham hasspent the last 19 years involved in the wholesale funding of large vehiclefleets in the corporate, contract hire, daily rental and car manufacturer anddealer sectors. He was most recently Director of Wholesale Funding for Bank ofScotland Vehicle Finance, with experience of funding in excess of 120,000 carsper annum. Graham will sit on both the Remuneration and Audit Committees. Jock Worsley, current non-executive Director and Chairman of the AuditCommittee, will be resigning from the Board on September 22nd 2005. The Boardwould like to acknowledge Jock's contribution which included assisting in thereverse acquisition of Accident Exchange Limited in April 2004 and helping toguide the Group through the rapid growth phase experienced over the last 15months. Steve Evans, CEO of Accident Exchange Group plc said: "I am extremely excited about today's appointments. David and Graham'sbackground in the automotive sector, associated services, vehicle acquisitionand financing will add greatly to the Board's collective experience as theCompany continues to develop its strategic objectives and implement itsimmediate growth plans. "I would like to personally thank Jock Worsley for all his hard work andguidance and wish him well in the future." Save as set out below, there are no details that are required to be disclosedunder Schedule 2, paragraph (g) of the AIM Rules. David Galloway's Existing Directorships Carter & CarterWilliams Motor Co. (Holdings) LimitedSpeedy Hire PlcMay Guerney Integrated Services PLCDefence Aviation Repair Agency* *a profit making government trading agency David Galloway's Previous Directorships Eight Sevennine Limited Graham Stanley's Previous Directorships IL Finance LimitedCapital Bank Corporate Finance PLC - Ends- For more information please contact: Steve Evans, Chief Executive, Accident Exchange Group plc, Tel: 08700 116719 Martin Andrews, Finance Director, Accident Exchange Group plc, Tel: 08700 053649 Jonathon Brill/Billy Clegg, Financial Dynamics, Tel: 020 7831 3113 Notes to Editors About Accident Exchange Accident Exchange was formed in 2001 to provide ABI (Association of BritishInsurers) approved car hire on credit to motorists of prestige cars involved innon-fault accidents. Having listed on AIM in April 2004, the Company has grown its car rental fleetrapidly from 250 to 1029 at the year ended 31st April 2005. The Companyreported maiden full year results for the period ended 31st April 2005.Earnings per share rose 500% to 7.2p (2004 pro forma*: 1.2p, 2004 statutory:0.8p): Adjusted earnings per share rose 592% to 8.3p (2004 pro forma*: 1.2p).Adjusted profit before taxation and goodwill rose 573% to £7.4 million (2004 proforma*: £1.1 million, 2004 statutory: £0.1 million). Turnover increased by 429%to £21.7 million (2004 pro forma*: £4.1 million, 2004 statutory: £0.3 million).Profit before taxation rose 509% to £6.7 million (2004 pro forma*: £1.1 million,2004 statutory: £0.1 million). The Company recommended a first final dividendproposed at 1.0p (2004: nil) making 1.5p for the year (2004: nil). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ACE.L