- Flat annual adjusted pre-tax profit of £23.9mn on 17 per cent higher revenue of £138mn
- Full-year EPS of 16.5p and dividend per share of 1.5p
- Focus on boosting cash collection and debt reduction
Anexo (ANX:95p), a credit and legal services provider for motorists, performed better last year than the headline numbers suggest. That’s because the flat pre-tax profit result is stated after a £4mn investment, up from £0.9mn in 2022, in vehicle emissions claims against Mercedes-Benz for which no revenue was accrued in the year. Strip out the investment, and underlying pre-tax profit would have risen 13 per cent to £27.9mn.
It’s likely to be money well spent as Anexo was granted a group litigation order by the High Court in March 2023 to launch a class action lawsuit against the German carmaker. Specifically, the action relates to alleged subversion of key air pollution tests through the use of software to reduce nitrous oxides under test conditions. Anexo has secured more than 12,000 claims to pursue litigation against Mercedes-Benz and will formally serve the claim in early summer.