Anexo Group trades as expected in 2024
By Josh White
Date: Thursday 06 Feb 2025
(Sharecast News) - Anexo Group said in a trading update on Thursday that its 2024 financial year performance was in line with board expectations, supported by continued growth in housing disrepair and serious injury claims alongside a solid performance across its divisions.
The AIM-traded company said it had further expanded its investment in class actions, particularly in diesel emissions claims against manufacturers including Mercedes-Benz, Vauxhall, BMW and Mini, Peugeot and Citroen, and Renault and Nissan.
Investment in emissions claims reached £6.5m in 2024, up from £4.3m in 2023, building a diverse case portfolio.
Anexo said it had secured around 12,000 claims against Mercedes-Benz and an additional 25,000 claims against other manufacturers, with court proceedings initiated for all cases.
While the timing of potential settlements remained uncertain, any resolution was expected to significantly improve the group's profitability and cash flow while materially reducing net debt.
Further hearings and conferences were scheduled between March and July this year.
Anexo also completed two new financing agreements in August, enhancing liquidity and reducing interest costs.
The company said it secured a £30m loan facility with Callodine Commercial Finance, drawing £20m to refinance a £15m loan from Blazehill Capital.
Additionally, it agreed a £16m revolving credit facility with Lloyds Bank, replacing a £10m facility from HSBC.
The board said the facilities, secured until 2027, provided increased financial headroom, with arrangement and legal fees amounting to £2m.
Anexo said it would release its audited final results for 2024 in May.
At 0800 GMT, shares in Anexo were down 0.53% at 65.25p.
Reporting by Josh White for Sharecast.com.
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