Corporate News

Anexo (AIM: ANX), the specialist integrated credit hire and legal services provider, is pleased to provide the following trading update in respect of the year ended 31 December 2023 ('FY 2023'), as well as an update on emissions claims.

Trading Update

The Board is pleased to announce that the Group is trading in line with management forecasts and that pre-tax profit for FY 2023 is expected to be broadly in line with market expectations.

Emissions Claims

Following a judgment by the President of the King's Bench Division last month, a three-day consolidated hearing in the High Court last week heard submissions in respect of the case management for all diesel emissions cases.  All outstanding applications for Group Litigation Orders (for each respective manufacturer case) were heard and whilst they will be similar to those previously ordered in Mercedes, the Board is awaiting confirmation from the Court of the Terms of such Orders. At a five-day hearing in March, the Court will also provide further directions for the wider case management of the emissions cases as a whole, including to determine which two other manufacturers' cases will be progressed at the same time as the Mercedes claims. There will be a costs management hearing in May. Further trial periods have been set: the first in October this year, which is likely to deal with common issues (which are not manufacturer specific) across the emissions cases; and the second in February 2025, which will be the first trial date for the Mercedes case.

Bond Turner continued its investment in litigation concerning the various Emission Claims throughout 2023. It was announced in the Interim Results statement on 22 August 2023 that Bond Turner is acting for over 12,000 claimants in the group action against Mercedes. As of 31 December 2023, Bond Turner is also acting for over 20,000 claimants against other manufacturers.

In the previous emissions action Bond Turner's clients were not part of the Group Litigation Order ('GLO'), which brought together a number of legal firms acting for different claimants. In the current action, Bond Turner will form part of the respective GLOs, which should facilitate a more efficient legal process to achieve a quicker resolution to the cases.

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Notes to Editors:

Anexo is a specialist integrated credit hire and legal services provider. The Group has created a unique business model by combining a direct capture Credit Hire business with a wholly owned Legal Services firm. The integrated business targets the impecunious not at fault motorist, referring to those who do not have the financial means or access to a replacement vehicle.

Through its dedicated Credit Hire sales team and network of over 1,100 active introducers around the UK, Anexo provides customers with an end-to-end service including the provision of Credit Hire vehicles, assistance with repair and recovery, and claims management services. The Group's Legal Services division, Bond Turner, provides the legal support to maximise the recovery of costs through settlement or court action as well as the processing of any associated personal injury claim.

The Group was admitted to trading on AIM in June 2018 with the ticker ANX.

For additional information please visit: www.anexo-group.com. To subscribe to our investor alert service and receive all press releases, financial results and other key shareholder messages as soon as they become available, please visit: https://www.anexo-group.com/content/investors/alert.asp.