5th Aug 2005 07:00
Accident Exchange Group PLC05 August 2005 5 August 2005 Accident Exchange Group Plc ('Accident Exchange') Further Agreements strengthen relationship with Inchcape Retail Limited ('Inchcape Retail') and The Cooper Group Limited ("the Cooper Group") Accident Exchange, the leading prestige vehicle replacement company, has signedfour further agreements with Inchcape Retail and one further agreement with theCooper Group, both subsidiaries of Inchcape plc. The agreements with Inchcape Retail, which are exclusive, will involve AccidentExchange providing credit hire and business support services to InchcapeRetail's customers following an accident and encompass a further 33 prestigedealerships across 7 franchises. The agreements also include the provision ofAccident Exchange's 24/7 Accident Management service. In addition, Accident Exchange has extended its existing agreement with theCooper Group and will now also provide them with its 24/7 Accident Managementservice. To meet its obligations under these agreements, Accident Exchange is committedto increase its fleet size by 30 vehicles immediately and by another 316vehicles within the next 12 months. The number of Inchcape dealerships that nowhave agreements with Accident Exchange totals 55 covering 10 franchises. Steve Evans, Chief Executive of Accident Exchange, said: "This is a significant extension to our relationship with Inchcape and we lookforward to continuing to work with their prestige dealerships." Ends For further information, please contact: Steve Evans, Chief Executive, Accident Exchange Group plc Tel: 08700 116719Jonathon 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.LInchcape