Strong recovery in prospect: Progressive Equity Research

Anexo Group’s interim results show a solid performance in a period affected by COVID-19, in our view. While revenue was flat versus H1 19, the Group continued to invest in future revenue opportunities and cash collection capacity. Adjusted operating profit consequently reduced by 33.9%. The second half is expected to see a strong recovery as vehicle numbers on the road return to higher levels and the investment in capacity in the Legal Services business bears fruit.

The Group has proposed an interim dividend of 0.5p. Management has given guidance for the full year and we reintroduce estimates for this year and next which reflect the base from which the Group can now build. Clearly, there is considerable uncertainty as to what COVID-19 may yet bring. However, Anexo’s management team takes a positive view on the Group’s future performance.

Anexo plc (LON:ANX) is a specialist integrated credit hire and legal services group focused on providing replacement vehicles to consumers who have been involved in a non-fault accident.

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