Anexo Group (ANX LN) - Controlled growth, net debt reduced

H1 performance has delivered strong revenue and profit growth, with the careful management of vehicle volumes and increased cash collections, resulting in a significant reduction in net debt. FY23 outlook is unchanged, underpinned by the strong market opportunity across divisions.

Anexo Group (ANX) - Interim results: cash focus bearing fruit, FY23E 40% PBT upgrade

H1 results from ANX today suggest that the strategy announced in May of focussing increasingly on cash generation has already started to bear fruit, with net debt significantly down both YoY and as against the year end, and improved cash collection in all businesses. ANX is the UK market-leader in credit hire and legal services for impecunious no-fault motorists; at the same time its Housing Disrepair and Vehicle Emissions activities continue to develop. A net positive cash position to ANX of £

Hybridan Small Cap Feast - 10 May 23

10th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Anexo Group plc - Full year results: Underlying PBT growth as focus shifts to cash management

Full year results from ANX this morning illustrate a solid year of trading from the group, with strong revenue growth being offset by investments in staff and marketing costs. Having invested heavily in growing cases in its working capital-intensive credit hire business in the prior year, FY2022 saw ANX shifting focus towards working capital management through investment in legal staff and a reduction in the number of vehicles on the road. In the credit hire business, this resulted in modest rev

Anexo Group (ANX) - Corporate – Mercedes proceedings issued; change of CFO

The details reported by Anexo intra-day last Friday provide an update on the company's class action against Mercedes, with a clarification on the near-term timetable and a confirmation that proceedings have now been issued. Anexo is an integrated credit hire and legal services business, with growing businesses in Housing Disrepair and Vehicle Emissions ligation. The company report that proceedings have been issued against Mercedes and its affiliates in the High Court, alongside 12,000 other clai

Anexo Group (ANX) - Corporate – FY22 pre-close trading update

This morning's pre-close trading update from ANX, the leading integrated credit hire and legal services provider, represents another year of progress for the group in FY2022, with steady performance in its credit hire business complemented by the growing Housing Disrepair and vehicle emissions businesses. In the credit hire business, which saw a record number of vehicles on the road at 2,366 at end FY2021, this was pared to 1,730 as at 31st December 2022, leading to increased cash generation, co

WHI Support Services Sector Comment: Challenges and opportunities

Bleak expectations for the UK economy in 2023 anticipate underperformance against other G7 countries based on factors such as (a) the UK's higher than average mortgage rate sensitivity and (b) relative exposure to high gas and energy prices. Some measure of political / economic stability has returned, though this arguably remains a brittle quality, given the scope for dissent within the Conservative party and the unpredictable impacts of industrial action, among a range of factors. All of this s

WH Ireland: Anexo Group (ANX) - Record results demonstrate strength of model; cash-generative in FY, huge markets

Strong H1 results from ANX this morning reflect the strength of its model, with excellent H1 growth driven by the expansion in vehicle numbers in the latter part of FY21 and momentum continuing to build in the Housing Disrepair business stream (revenues up 113%). ANX is the UK market-leader in credit hire and legal services for impecunious no-fault motorists, including litigation on their behalf as required to extract payment from at-fault motorist's insurer; and this remains a strong revenue s

Anexo Group* - Pivoting towards HDR and emissions?

Pivoting towards HDR and emissions?

PROGRESSIVE: Anexo: A changing business model

Anexo has announced impressive H1 22 results, with 42% revenue growth and 53% PBT growth underpinned by strong demand in the Credit Hire business and a doubling of revenue and profit in the Housing Disrepair division. Continued investment in the Legal Services division resulted in 20% growth in cash collections. The Board has highlighted that the emissions opportunity warrants significantly increased investment and that shareholders’ interests would be better served by Anexo paying an annual div

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

Anexo: 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

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.

SP Angel Morning View: Metals prices rise on rising China GDP and ongoing economic electrification

Morning Note – 28 November 2023

LSE AIM Market Screener - 22 June 2023

 The market capitalization of 806 AIM stocks was £89.3bn as of 20 June 2023. FTSE AIM All Share Index was down 5.55% YTD to 785.2 as of 21 June 2023. There were 32 companies delisted from AIM over the period December 2022-June 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 209%, MktCap £95m), Vast Resources (+211% YTD, Mkt Cap of £15m), B90 Holdings (+200%, MktCap £22mn), Verditek (154%, MktCap £6mn), Star Phoenix Group (+162%, MktCap $1.6mn), Inspecs Group (+162%, Mk

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

Keywords Studios - Different Game, Same Player

Different Game, Same Player

Avacta Group - 1H23 results - AVA6000 remains pivotal

Avacta reported revenue for the interim period to the end June of £11.9m, more than doubled YoY, reflecting the growth in the contribution from the Diagnostics Division, including an initial contribution from the Coris acquisition completed in June. However, the main driver to the company's share price performance remains progress in the clinical trials of the AVA6000 compound where the company recently announced the successful completion of dosing in cohort 6 in the Phase 1A trial and a propose

Fintel plc (FNTL LN) - Forecasts updated to include M&A

Fintel IQ and Defaqto, two of Fintel’s divisions, have just completed two bolt-on acquisitions: VouchedFor and AKG for upfront payments of £7.5m and £1.6m (max consideration £17.5m and £2.0m) respectively.

Focus on debt reduction as forecasts rebased

Despite an in line H1 performance, with transactions taking longer to complete, RBG now expects FY23 adj. EBITDA to be £10m-£12m. We set our forecast at the bottom of this range, representing a reduction of 33% to EBITDA and 44% to EPS. In response, management is prioritising debt reduction and we cut our dividend forecast to nil. We expect year end net debt of £20m, with leverage at 2.7x. Whilst this presents a risk (above the <2.25x covenant), management is in discussion with its bank and is c

Braemar - FY23 results – focussed strategy steering the right course

Braemar performed strongly in FY23, with revenue up over 50% and underlying operating profit up 100%, with all business segments performing well and helped by the strong dollar. The focus on shipbroking, disposing of non-core activities and adding to shipbroking operations, is proving successful and Braemar is becoming a stronger and more resilient business with increasingly diversified revenue across shipping segments. The target of achieving double the £8.9m underlying EBIT from FY21 by FY25E

Braemar - H1/24 interim results update

Braemar’s interim results indicate the strong trading of FY23 has continued during H1/24 and in-line with expectations, benefiting from the focus on shipbroking activities and the increased breadth, depth, and scale of shipbroking operations. Braemar’s investments (acquisition of Southport Marine) and new teams have delivered a 7.9% increase in revenue to £74.9m for H1/24. Whilst robust Tanker freight rates have continued despite geopolitical challenges and OPEC cuts, Dry Cargo freight rates fel

Morning Note – 29 November 2023

Income for the long haul

As the end of the financial year approaches, we enter ‘ISA season’. In the first of several articles on generating income for an ISA investment, we look at the advantages of investing in equity income trusts. We explain why investment trusts can be useful for long-term, income-hungry investors, and the myriad benefits that the closed ended structure offers. We also identify trusts that best exploit the tools that investment trusts have to offer to achieve their income objectives, and illustrate

Ashoka India Equity - Overview

Ashoka India Equity’s (AIE) management team uses detailed cash-flow analysis to pick a concentrated portfolio of what they view as the most attractive Indian equities, aiming to outperform the market in all macro environments thanks to stock selection. The team looks for the most compelling investment opportunities across the market capitalisation spectrum, with over 50% of the current AIE portfolio invested in mid caps and small caps. This stock selection process uses a unique approach to cash

Which alternative trusts could outperform equities?

Secular stagnation refers to the economic theory that growth will be persistently low for some time to come, due to an imbalance between savings and investment. If capital is saved rather than invested productive capacity lies idle, while the drag on consumption reduces demand in the economy. As a result GDP growth is reduced. As we have previously discussed, there is no historical evidence that GDP growth has a direct impact on stock market growth – in contradiction of the theorised linkage via

Safer harbour REITS: an update

A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REI