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Anexo shares rally on solid H1 growth
(Sharecast News) - Shares in Anexo Group jumped 11% on Tuesday after the company posted strong revenue and profit growth for the first half, and a big reduction in debt. The company, which provides credit hire and legal services to motorists, said it was confident in meeting market expectations for 2023 after its first half was given a boost by the Volkswagen Emissions class action suit.
Revenues for the six months to 30 June came in at £77.8m, up 13% on the previous year, while pre-tax profit rose 12% to £15.2m.
Cash collections from settled cases, not including the VW case, rose 14% to £77.4m.
Net debt, meanwhile, was reduced to £61.2m including lease liabilities, down from £73.1m at the start of the 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," said chairman Alan Sellers.
The stock was up 11.2% at 66.95p by 1024 BST.
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