AGM Statement (1014T)
December 01 2011 - 1:00AM
UK Regulatory
TIDMACS
RNS Number : 1014T
AI Claims Solutions PLC
01 December 2011
Ai Claims Solutions PLC
("Ai" or the "Company")
AGM Statement
At our full year results announcement in September the board
noted confidence in Ai's resilient operating model, but cautioned
on weak economic conditions and reduced accident frequencies.
Since then, as has been reported elsewhere across the motor
claims market, we have continued to see accident frequencies below
historical levels, although broadly in line with our cautious
planning assumptions. We had however expected numbers to recover
some of the shortfall from November onwards but, in line with most
businesses in the UK, we are now more pessimistic about economic
recovery than we were in June.
We have also witnessed a reduction in average replacement hire
periods from 18 days last year to 16 days, which is lower than we
forecast. Whether volume and consequently hire periods return
closer to more normal volumes during the traditional busy winter
period will prove critical to our ability to meet market forecasts,
but we are planning on the assumption that they will not do so. We
will of course have a much clearer view of this by the time of the
interim results.
In a positive note we maintain our tight focus on our balance
sheet and I am pleased to report that we have achieved further
successes on block settlement, where sums totalling GBP5m with a
number of insurers will be received before 31 December 2011. The
settlements will again be achieved with no diminution in the
carrying value of receivables. We expect our outturn for borrowings
to be lower than market forecasts.
I am also pleased to report the appointment to the Board, with
effect from 13th December, 2011 of Simon Pook, who joins us as
Chief Operating Officer. Simon was previously Managing Director -
Claims at Homeserve where he successfully implemented significant
changes to claims handling processes.
For further information, please contact:
Ai Claims Solutions plc
David Sandhu 0844 571 3108
Peter Harrison 0844 571 3200
Shore Capital & Corporate Ltd
Dru Danford / Stephane Auton 0207 408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
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