WH ireland: Anexo Group (ANX) - Housing Disrepair – White Paper highlights major opportunity for ANX

We view last week's White Paper as underlining again the significant opportunity for ANX's Housing Disrepair business, which started operations last year and has already enjoyed notable success, as reflected in last Thursday's AGM update. The White Paper is a harbinger of the much-touted Housing Reform Bill, announced in the May 2022 Queen's Speech, having been delayed by the pandemic. Given its well-established pedigree in litigating on behalf of the impecunious, ANX is extremely well positio

WH Ireland: Anexo Group (ANX) - Leading player and first mover in substantial markets

This morning's AGM statement from Anexo (ANX) shows momentum continuing to build, with good progress both in the Credit Hire and nascent Housing Disrepair activities. The company has developed an exceptional business over a number of years, largely by providing credit hire and legal services to no-fault motorists, who could not otherwise afford to replace their vehicle through their own resources, and undertaking litigation on their behalf when necessary to recover the cost of hire from the at-f

Investment continuing to pay off

Ahead of today’s AGM, Anexo has issued a confident trading statement covering the first four months of FY22. The update follows last month’s announcement of strong FY21 results, including a 53% growth in pre-tax profit to £23.7m, underpinned by a 36% revenue increase. The investment made by Anexo generated strong growth in 2021, which has continued into the first four months of 2022.

Anexo Group* - Housing Disrepair starting to gather pace

Housing Disrepair starting to gather pace

WH Ireland: Anexo Group (ANX) - Substantial VW Therium settlement promises well for ANX

Following on from strong results from ANX a few days ago, yesterday's news from Therium, a leading global provider of legal finance, that an out of court settlement has been reached with 90,000-plus claimants against Volkswagen in the so-called “Dieselgate” emissions case, would seem to be very encouraging for ANX. Therium has announced a settlement benefiting its claimants to the tune of £193m, suggesting a benchmark of well over £2,000 per VW customer, with in addition separate contributions

Anexo Group* - 1 class-action down, Mercedes next…

Volkswagen yesterday reached an out-of-court settlement with the Slater & Gordon dieselgate class action. A payment of £193mn is being made to the claimants, with a separate contribution for legal costs and other fees. This settlement relates to the first tranche of claims against VW, with Anexo involved in a second, but not subordinate, tranche of claims. We would expect VW to settle with Anexo on similar terms, in due course.

Anexo Group* -

Stronger than expected results: Trading was robust last year, with FY21 group revenues +36.2% to £118.2mn. Anexo had guided in January that pre-tax profits would significantly exceed market expectations and adj. PBT of £24.1mn for the full year was +49.7% y/y, broadly in line with our revised forecast. This was even after significant investment across the group, which together with a favourable market backdrop, under-pins our FY22 forecasts, with an upward bias to FY23. Finally, we continue to e

The rewards of investment

Anexo has announced a strong set of results for FY21. Revenue of £118.2m was 8% above our forecast and underpinned 53% pre-tax profit growth to £23.7m. Management’s decision to invest in challenging markets is reaping rewards. The Credit Hire and Legal Services divisions produced strong results and the Housing Disrepair Team has had a strong start.

The rewards of investment

Revenue of £118.2m was 8% above our forecast and underpinned 53% pre-tax profit growth to £23.7m. Management’s decision to invest in challenging markets is reaping rewards. The Credit Hire and Legal Services divisions produced strong results and the Housing Disrepair Team has had a strong start.

WH Ireland: Anexo Group (ANX) - Positive FY21 results following significant upgrades in the market in January – expanded services, investment in growth

ANX's FY21A results announcement this morning demonstrates that the business continues to drive forward very strongly and that last year was no exception, notwithstanding the challenges thrown up by Covid. Inline results are aligned to forecasts in the market which saw double digit upgrades in January. The company is a specialist integrated credit hire and legal services group focused on providing replacement vehicles and associated legal services to impecunious customers, whose rights are st

Anexo Group* - Trading Statement – Improvement and Opportunity

Anexo has released a pre-close statement ahead of final 2021 results on 11 May 2022. With current trading in line with management's expectations, recovery in Bond Turner and industry dislocation playing to Anexo's strategy and capabilities, we believe the group has re-entered a strong growth trajectory which will deliver excellent shareholder returns over time. Reiterate buy.

Confident trading update and increased debt facilities

Following a strong January trading update and forecast upgrades, Anexo has issued a confident trading statement ahead of its 2021 full-year results announcement on 11 May. Trading is in line with management’s expectations. Continued focus on quality claims, service standards and success rates in its Credit Hire division has reduced vehicles on the road from the record levels seen in H2 21 to 1,955. Anexo’s legal division continues to benefit from the reopening of the courts. Anexo has announced

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from RIO, ELM, JUST, ANX, AVCT, BLTG, BRCK, INL & THG.

Anexo Group* - Excellent Trading Update – Strong Earnings Upgrades

Anexo has released a trading update for 2021 indicating that revenue growth is ahead of the Group's forecasts and that PBT will be “significantly ahead” of market expectations. In our view, Anexo's diversifying business exposure and strategy leaves it well placed to take advantage of market disruption and grow significantly, both in 2022 and beyond. Reiterate buy.

Strong trading update for 2021

Anexo, the specialist integrated credit hire and legal services provider, has released a very upbeat 2021 trading statement, ahead of its 2021 full-year results announcement on 11 May 2022. Revenue growth has exceeded the company’s forecasts and profit before tax will be ahead of market expectations. Anexo commented that sustained recovery in its core business in 2021 has been supported by the easing of the second national lockdown. We have made substantial uplifts to our 2021 and 2022 pre-tax p

SHORE CAPITAL - Begbies Traynor Group (BEG) - House Stock at 147p

Confidence in FY22E, revenue shifting FY23E to FY24E

H1 FY2022 results reflect the expected timings of defence contract placements and milestones in Chesterfield Special Cylinders (‘CSC’) and difficult conditions in the oil and gas market served by Precision Machined Components (‘PMC’). The Group nevertheless remains confident of meeting market expectations for FY2022E with CSC expected to deliver against a strong order book, benefiting from defence contract milestones, integrity management deployments and hydrogen projects, and improving oil and

Water Intelligence - Acquisition of Shanahan Plumbing

Water Intelligence has acquired Shanahan Plumbing which adds plumbing operations in the Connecticut and New York areas. The acquisition price is US$0.8m in cash representing a multiple of 4x PBT. The acquisition is consistent with the company's strategy of building out its ancillary adjacent service offering to leverage the customer base generated by its core non-invasive leak detection business as enhanced by its investment in technology to improve scheduling and dispatch efficiency. The transa

Cenkos: Rosslyn Data Technologies Plc -- Upgraded platform foundation for growth

Rosslyn Data Technologies has released a trading update for FY22 indicating that customer onboarding of the rebranded launch of the new Rosslyn platform is progressing well and benefitting from a refocussed partner-led sales model. FY22E revenue is expected to be £5.9m, though EBITDA loss is expected to be slightly higher due to longer than anticipated platform upgrade development time. Significant progress has been made working through the substantial organisational changes and upgrading the no

LIBERUM: Appreciate Group* - Strong momentum going into FY23E

Hybridan Small Cap Feast 22/06/2022

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fire safety technology business with innovative fire safety p

A long-term objective is not the market’s mood

Wise’s FY 22 release would have been satisfying under different market and macro conditions. The firm continues recording strong revenue and volume growth and aims at replicating this performance next year. However, margins are tightening under the pressure of higher costs. Although these are expected to stabilise, the multiplication of competitors impeding trust in the business’s resilience do not bode well with the market’s short-term requirements while Wise defines itself as a long-term pla

Morning Note – 30 June 2022

Hybridan Small Cap Feast 27/06/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or request an overdraft from their

Alpha FMC - Still firing on all cylinders

Still firing on all cylinders

Cenkos: Bidstack Group Plc -- Final results update

Bidstack FY21 results showed revenue in line with forecasts at £2.6m and LBT of £8.0m, vs forecast LBT £6.3m after increased staff costs to accelerate the build out of the commercial team and drive execution across sales and publisher business development as well as reinforce the product team. A net loss of £6.3m was in line with forecasts. Bidstack has made considerable commercial progress during the period, notably the December 2021 agreement with Azerion guaranteeing a minimum US$30m revenue

LIBERUM: RPS Group* - Unscheduled statement leads to upgrades

Hybridan Small Cap Feast 20/05/22

Dish of the day Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan

NAHL Group AGM Trading Update

In the first 5 months of 2022, the Group has continued to perform in line with market expectations. During this period, the Consumer Legal Services division generated 34% more personal injury (PI) enquiries than the comparative period and in line with the Group’s strategy, 26% of enquiries were placed into NAHL’s own law firm, National Accident Law (NAL). The Critical Care division also made encouraging progress in the period.