Anexo Group confident despite fall in profit
By Josh White
Date: Friday 06 Jun 2025
(Sharecast News) - Anexo Group reported a 35.7% fall in pre-tax profit to £14.8m for 2024 on Friday, reflecting the absence of a one-off settlement with Volkswagen in the prior year and continued investment in its legal services division.
Group revenue edged down 1% to £141.9m, but the company noted underlying growth across its core operations.
Credit hire revenue rose 22.9% to £70.4m, supported by diversification of the vehicle fleet and a strategic focus on higher-value claims.
The AIM-traded firm said the division delivered a 50% jump in profit before tax to £9.9m.
Vehicle numbers were reduced over the year as part of a repositioning towards more valuable claims, particularly in the taxi segment.
Legal Services revenue fell to £71.5m from £86m, though the prior-year figure included the VW emissions settlement, which was outside the normal course of business.
Excluding that, Anexo said the division saw like-for-like growth.
Pre-tax profit fell to £7.6m as the company increased staffing, with headcount rising 9.4% to 768.
Particular growth was seen in housing disrepair and large injury teams, where staff numbers increased by over 20%.
The company invested £6.5m in 2024 to support its portfolio of emissions claims against manufacturers including Mercedes-Benz, BMW, and Nissan.
Anexo said a favourable outcome could provide a significant boost to future revenue and cash flow, though timing and quantum remained uncertain.
Cash collections improved to £169.7m, up from £163.5m in 2023.
Anexo also secured improved financing arrangements during the year, including new and extended loan facilities from Callodine, Secure Trust Bank and Lloyds, providing the group with enhanced headroom through to at least 2027.
Looking ahead, the company said it expected continued growth from its rebalanced credit hire portfolio and opportunities in higher-value legal services.
It said it remained focussed on investing for long-term returns without materially increasing debt.
"The board is very pleased with these results, which demonstrate our continued commitment to sustainable investment across our divisions, enabling appropriate growth while managing our debt levels efficiently," said executive chairman Alan Sellers.
"We are immensely proud to be able to offer social justice and full legal support to our clients and members of the public.
"Anexo provides assistance to people who find themselves in an invidious position through no fault of their own, whether through being deprived of an essential vehicle or through living in substandard housing conditions, along with the other problems which may be exacerbated by such situations."
Sellers said the company remained committed to providing help to "those who might otherwise be unable to obtain redress", adding that the credit hire and housing disrepair teams were performing with both strength and a high level of legal expertise, carrying out "invaluable work" for members of the public in difficult situations who he said would not otherwise have access to justice.
"The group has multiple opportunities in its existing business in areas which offer huge potential for growth.
"Our legal services division is involved in a number of high-profile actions which will heighten its public profile and reputation for expertise, while the credit hire division is benefitting from our recent expansion into the taxi sector.
"The future for the group is both exciting and promising."
At 1100 BST, shares in Anexo Group were down 1.96% at 60p.
Reporting by Josh White for Sharecast.com.
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