By Ian Walker
Shares of Anexo Group rose as much as 13% in early trade after the company reported higher first-half earnings on the back of improved cash collections from all its units as well as the Volkswagen emissions claim settlement.
The credit hire and legal-services provider said Tuesday that pretax profit for the half year ended June 30 was 15.2 million pounds ($19.4 million) compared with GBP13.6 million for the same period a year earlier.
Revenue was GBP77.8 million compared with GBP68.6 million, while cash collection was GBP77.4 million compared with GBP67.9 million.
“Having demonstrated our ability to drive the business for cash generation, we are expecting growth in vehicle numbers, revenues and profits in the second half of the year, without the need to fund this growth from our current debt facilities,” Chairman Alan Sellers said.
He added that the board is confident to meet full-year market forecasts.
The company said that it will consider a dividend at the time of its full-year earnings as it continues to invest heavily in future opportunities.
Shares at 1010 GMT were up 4.80 pence, or 8%, at 65.0 pence having peaked at 68.0 pence earlier in the session.
Write to Ian Walker at ian.walker@wsj.com
Read the full article here
