Nick Dashwood Brown of Anexo on how their strong post-lockdown recovery offers new opportunities for growth

Nick Dashwood Brown of Anexo #ANX explains how their strong post-lockdown recovery offers new opportunities for growth as their interim results showed 32% revenue growth to £48.3 million.

Financial Highlights  for the six months ended 30 June 2021

Operating profit increased by 38.5 per cent to £10.4 million (H1 2020: £7.5 million) as a result of improved cash collections driving fee income into legal services and increased opportunities within credit hire

Net cash inflow from operating activities of £1.5 million (H1 2020: net cash inflow £6.2 million)

Overall net cash outflow of £6.8 million (H1 2020: net cash inflow £2.4 million), of which financing activities accounted for £7.0 million of cash outflow (H1 2020: net cash inflow from financing of £3.8 million)

Proposed interim dividend of 0.5p per share (H1 2020: 0.5p per share)

Net debt balance at 30 June 2021 stood at £44.4 million (30 June 2020: net debt of £27.1 million, 31 December 2020: £40.5 million)

The Board expects H2 2021 underlying profit before tax to continue to improve as cash collections grow, the number of cases settled in court increases following the reopening of courts in May 2021 for face-to face-hearings, and vehicle numbers continue to reach record levels

About Anexo
Anexo is a specialist integrated credit hire and legal services provider. The Group has created a unique business model by combining a direct capture Credit Hire business with a wholly owned Legal Services firm. The integrated business targets the impecunious not at fault motorist, referring to those who do not have the financial means or access to a replacement vehicle.