TIDMANX
RNS Number : 4741A
Anexo Group PLC
12 September 2018
For immediate release 12 September 2018
Anexo Group plc
('Anexo' or the 'Group')
Interim Results
Anexo Group plc (AIM: ANX), the specialist integrated credit
hire and legal services provider, is pleased to report its maiden
set of interim results for the six months ended 30 June 2018 ('H1
2018'). The Board is pleased to report a successful first six
months of the financial year with management confident in meeting
the Board's expectations for the full year.
As noted in the Group's admission document, the management took
a decision in 2017 to focus on motorcycle claims and settling
existing claims in progress rather than new claims generation. This
resulted in reduced activity during the six months ended December
2017 ('H2 2017') and into H1 2018. As a result, the first six
months trading of 2018 is behind the strong first half of 2017.
This strategy was reversed in late 2017 following the decision
to raise funds on public markets. The number of sales
representatives and vehicles on hire have increased during the
period resulting in an increased number of claims which is expected
to impact positively on future periods. Growth in the number of
vehicles on fleet and on hire has continued into the current period
with vehicles on hire reaching 1,241 as at 31 August 2018. The
funds raised at IPO have underpinned this expansion.
Operational Highlights
-- Increased the vehicle fleet to 2,293 at 30 June 2018 (H1 2017: 1,568)
-- Vehicles on hire increased by 27% to 1,240 at 30 June 2018 (H1 2017: 974)
-- Maintained utilisation rates around target, reaching 82% at 30 June 2018 (H1 2017: 80%)
-- Focused on settlement rates which are currently trending upwards
-- Staff employed at Bond Turner increased by 29% to 215 at 30 June 2018 (H1 2017: 167)
-- Successful recruitment for the new Bolton office which has
widened the recruitment pool and injected the experience and skill
of 12 highly experienced, industry renowned litigators (an increase
of 27%) to increase settlements, and add to existing skill sets
within the firm
-- Number of new cases funded increased 12% to 2,588 (H1 2017: 2,306)
Financial Highlights
-- Turnover reached GBP23.5 million in H1 2018 (H1 2017: GBP22.9
million), representing growth of 2.6% over the prior period and
6.9% above that reported in H2 2017 (GBP21.9 million)
-- Adjusted profit before taxation reached GBP6.8 million in H1
2018 (H1 2017: GBP8.5 million). This represents an 11.6% increase
in adjusted profit before taxation over that reported for H2 2017
(GBP6.1 million)
-- Adjusted EPS at 5.4 pence for H1 2018 (H1 2017: 6.4 pence)
-- At June 2018 the Group had net cash balances of GBP6.0
million (June 2017: Net cash balance of (GBP6.9 million)).
* Adjusted results exclude certain expenses incurred as part of
the flotation
Commenting on the Interim Results, Alan Sellers, Executive
Chairman of Anexo Group plc, said:
"Following our successful Admission to AIM in June this year, we
are pleased to report that Anexo has continued to make positive
operational and financial progress. With the funds raised at IPO
now underpinning our expansion, we continue to grow our credit hire
division through the investment in fleet, quality staff and
systems. This has allowed us to secure the quality business which
predicates our high recovery rates.
"As outlined at IPO, the Group is simultaneously focused on the
expansion of its legal services business so as to allow the credit
hire business to grow whilst improving cash generation levels. It
is pleasing to see that Anexo has swiftly demonstrated its ability
to execute its growth strategy, increasing employment levels across
the division and the signing of a lease for a new Bolton office
which will broaden our fee earning potential.
"There is an ever-increasing market opportunity and our hybrid,
scalable business model is well placed to grown in both the credit
hire and legal claims markets, delivering near-term returns for our
shareholders."
- Ends -
For further enquiries:
Anexo Group plc +44 (0) 151 227 3008
www.anexo-group.com
Alan Sellers, Executive Chairman
Mark Bringloe, Chief Financial Officer
Arden Partners plc
(Nominated Adviser and Broker)
Chris Hardie / John Llewellyn-Lloyd / +44 (0) 20 7614 5900
Benjamin Cryer / www.arden-partners.co.uk
Alex Penney
Buchanan
(Financial Communications)
Henry Harrison-Topham / Steph Watson +44 (0) 20 7466 5000
Anexo@buchanan.uk.com
Notes to Editors:
Anexo is a specialist integrated credit hire and legal services
provider founded by Executive Chairman, Alan Sellers. 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 sales team
and network of 1,000 active referrers around the UK, Anexo provides
customers with an end-to-end service including the provision of
Credit Hire vehicles, assistance with repair and recovery, the
management and recovery of costs, and 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.
Executive Chairman's Statement
On behalf of the Board, I am pleased to introduce Anexo's maiden
set of interim results since the Group's successful admission to
trading on AIM in June 2018. The Group has performed strongly in H1
2018, notwithstanding the commitment the senior management
demonstrated during this period to gain admission, whilst
delivering growth compared to H2 2017. The performance in the
period is in line with management's expectations and has been
impacted by the investment made in lead generation, driving the
increase seen in the number of vehicles on the road, which is
supportive of the Board's expectations for the full year.
Admission to AIM
The placing that accompanied Anexo's admission to AIM raised
GBP25.0 million before expenses, of which GBP10.0 million was
raised for the Group, and GBP15.0 million for the Selling
Shareholders, of which not less than GBP5.0 million was repaid to
the Group. The response from investors to the admission was
positive, demonstrating confidence in both Anexo's strategy and the
management team's ability to deliver and generate returns. The
Board joins me in welcoming all our new shareholders and thanking
them for their continuing support of the Group.
Financial review
Although considerable time was spent preparing for the AIM
admission during H1 2018, the management team remained focused on
growing the Group's operational businesses and we are pleased that
these maiden results for six months ended 30 June 2018 represent an
improvement over that seen in the previous six months as management
decisions took effect. A summary of the Group's key financial
performance is set out in the table below:
Financial Highlights
6 months ended 6 months 6 months ended
30 June 2018 ended 31 December
GBP'000s 30 June 2017 2017
GBP'000s GBP'000s
Revenue 23,458 22,879 21,946
Gross Profit 16,578 17,005 16,613
Gross margin (%) 70.7% 74.3% 75.7%
Profit before taxation 5,338 8,498 6,069
Adjusted profit before
taxation* 6,776 8,498 6,069
EBITDA 6,339 8,954 6,545
Adjusted EBITDA* 7,777 8,954 6,545
Adjusted EPS* (pence) 5.4 6.4 4.9
* Adjusted results exclude certain expenses incurred as part of
the flotation
Highlights of the Group performance include:
-- Revenues increased from GBP22.9 million in H1 2017 to GBP23.5
million in H1 2018, an increase of 2.5%, and by 6.9% from the
revenue reported in H2 2017, the growth coming from the legal
services business reflecting the focus during that period on
investment in staff numbers to drive case settlements and cash
generation.
-- Whilst revenues increased period on period, gross profits
reduced slightly between H1 2017 and H1 2018 (GBP0.4 million, 2.5%)
and remained consistent with that reported in H2 2017. The slight
reduction reflecting a change in insurance provider, H1 2017
benefitting from rebates agreed with the Group's former insurer,
who effectively withdrew from the market in 2017. The increased net
insurance cost impacted gross margins with further insurance cost
increases associated with the sharp increase in vehicle numbers
seen in H1 2018.
-- Adjusted EBITDA reduced from GBP9.0 million in H1 2017, to
GBP6.5 million in H2 2017, then rising to GBP7.8 million in H1
2018, these movements reflecting both the insurance costs noted
above and variations in the performance of the credit hire
business, which was effectively managed for cash in the latter part
of 2017, this trend being reversed in H1 2018.
Dividend
As outlined in the Group's AIM admission document, Anexo is not
paying an interim dividend in 2018 but the Board intends to
recommend the payment of a dividend of 1.5 pence per Ordinary Share
for the current financial year ending 31 December 2018.
Operational Review
H1 2018 H1 2017 H2 2017
Average number of vehicles
on the road (No) 914 930 861
Vehicles on the road at the
period end (No) 1,240 974 815
Bond Turner staffing - period
end (No) 215 167 174
Bond Turner staffing - average
(No) 201 159 173
Credit Hire division
The Group continues to devote significant resource and focus to
the take on processes that are essential in securing quality
business which supports the continued success and excellent
recovery rates historically reported. This investment in staffing
and systems continues with recovery rates above historical
averages.
During the six months to June 2018, management has successfully
expanded the number of vehicles on hire by 424 (a 52% increase),
the total rising from 815 at the start of the period to 1,240 at 30
June 2018. This increase has been supported by the recruitment of
an additional 8 sales staff (31%), expanding our geographical
coverage and demonstrates the significant growth opportunity
available to the Group.
Following the effective withdrawal of our previous insurer from
the market, we have secured a new, long term, insurance partner for
the fleet as well as agreeing a 12-month extension to our primary
long term funding facility so as to provide a robust platform for
future growth alongside efficient deployment of the working capital
generated from the IPO.
Legal Services division
H1 2018 H1 2017 H2 2017
New Cases Funded 2,588 2,306 2,130
The IPO funds were very much targeted at increasing capacity
within the legal services business so as to allow the credit hire
business to grow whilst improving cash generation levels. In terms
of new cases funded there was a 12% increase on H1 2017 to H1 2018
and a 22% increase from H2 2017 to H1 2018. This trend continued to
show improvement post the period end, in the quarter ended 31
August 2018 there were 1,686 new cases funded, a 49% increase when
compared to the comparative period in 2017.
In the period we commenced lease negotiations for a new Bolton
office alongside the recruitment of senior staff so as to hit the
ground running once the office is operational. On 5 September 2018,
the Group announced that the lease for the Bolton office had been
signed and fit out works had commenced with a view to being fully
operational in November 2018. The recruitment of staff is
proceeding better than forecast and to date we have secured 12
senior fee earners for the new office which represents a 27%
increase in qualified fee earners.
The Bolton office has unlocked logistical recruitment restraints
by allowing the Group to access and secure highly skilled, vastly
experienced litigators who are highly regarded in the industry. The
cross section of staff includes individuals in the field of credit
hire, who come with a range of skill sets with invaluable
experience from both a claimant and defendant background. Their
recruitment will not only lead to an increase in settlements, but
it will also allow these individuals to impart their knowledge and
experience amongst existing teams, adding to skill sets and
elevating the skilled, litigious reputation of the firm
further.
Trading Outlook
As we envisaged and targeted, trading in H1 2018 presents a
significant improvement on that seen in H2 2017 as management
decisions and investment have resulted in increasing claims
generation. With over 1,200 vehicles now with our clients and
headcount in Bond Turner increasing, trading for the full year is
expected to be in line with expectations.
Post period end we have secured the lease for our new office in
Bolton as well as started the recruitment process with the office
expected to open in November 2018. The increased legal capacity
will drive increase settlement numbers and rates, with a view to
closing the gap between cases taken on and settlement to improve
cash generation into 2019 and 2020, in line with our forecasts.
I believe Anexo is now well positioned to take advantage of the
opportunities available to it and the Board looks forward to the
future with optimism.
Alan Sellers
Executive Chairman
12 September 2018
Consolidated Statement of Comprehensive Income
For the unaudited period ended 30 June 2018
Unaudited Unaudited Unaudited
Half year Half year
ended ended Year ended
Jun-18 Jun-17 Dec-17
Note GBP GBP GBP
Revenue 23,458,090 22,878,908 44,824,561
Cost of sales (6,880,075) (5,873,908) (11,206,564)
------------ ------------ -------------
Gross profit 16,578,015 17,005,000 33,617,997
Other operating income - - -
Depreciation (605,867) (307,051) (759,718)
Transaction costs (1,437,829) - -
Administrative expenses (8,800,765) (8,051,043) (18,119,255)
Other operating expenses - - -
Operating profit 5,733,554 8,646,906 14,739,024
------------ ------------ -------------
Finance income 130,010 325,988 320,227
Finance costs (525,281) (475,362) (492,598)
Net financing expense (395,271) (149,374) (172,371)
------------ ------------ -------------
Profit before tax 5,338,283 8,497,532 14,566,653
Taxation (790,058) (1,443,259) (2,159,519)
Profit for the period /
year 4,548,225 7,054,273 12,407,134
------------ ------------ -------------
Total comprehensive income
for the year attributable
to owners of the Group 4,548,225 7,054,273 12,407,134
------------ ------------ -------------
Earnings per share
Basic and diluted earnings per
share (pence) 4.1 6.4 11.3
------------ ------------ -------------
The above results were derived from continuing operations.
Anexo Group Plc
Consolidated Statement of Financial Position
Unaudited at 30 June 2018
Unaudited Unaudited Unaudited
Jun-18 Jun-17 Dec-17
Assets Note GBP GBP GBP
Non-current assets
Property, plant and equipment 1,917,779 1,187,448 1,520,466
1,917,779 1,187,448 1,520,466
----------- ----------- -----------
Current assets
Trade and other receivables 81,173,616 74,880,483 80,428,408
Cash and cash equivalents 11,121,856 165,495 202,282
92,295,472 75,045,978 80,630,690
----------- ----------- -----------
Total assets 94,213,251 76,233,426 82,151,156
----------- ----------- -----------
Equity and liabilities
Equity
Share capital 55,000 50,000 50,000
Share premium 9,310,069 40,104 40,104
Merger reserve - -
Retained earnings 59,190,546 52,006,004 55,461,844
----------- ----------- -----------
Equity attributable to the owners
of the Group 68,555,615 52,096,108 55,551,948
----------- ----------- -----------
Non-current liabilities
Other interest-bearing loans
and borrowings 5,566,252 4,724,944 5,475,470
Directors loan account - - -
Deferred tax liabilities 20,178 - 20,178
5,586,430 4,724,944 5,495,648
----------- ----------- -----------
Current liabilities
Bank overdraft 5,568,984 7,066,736 8,947,742
Other interest-bearing loans
and borrowings 2,346,593 918,529 825,343
Trade and other payables 6,439,072 4,993,888 5,395,482
Corporation tax liability 5,716,557 6,433,221 5,934,993
20,071,206 19,412,374 21,103,560
----------- ----------- -----------
Total liabilities 25,657,636 24,137,318 26,599,208
----------- ----------- -----------
Total equity and liabilities 94,213,251 76,233,426 82,151,156
----------- ----------- -----------
Anexo Group Plc
Consolidated Statement of Changes in Equity
For the unaudited period ended 30 June 2018
Share Retained
Share capital Premium Earnings Total
GBP GBP GBP GBP
At 1 January 2018 50,000 40,104 55,461,844 55,551,948
Profit for the period
and total comprehensive
income - - 4,548,225 4,548,225
Dividends - - (819,523) (819,523)
Issue of share
capital 5,000 - - 5,000
Creation of share
premium - 9,269,965 - 9,269,965
-------------- ---------- ------------
At 30 June 2018 55,000 9,310,069 59,190,546 68,555,615
-------------- ---------- ------------ ------------
At 1 January 2017 50,000 40,104 46,755,916 46,846,020
Profit for the period
and total comprehensive
income - - 7,054,273 7,054,273
Dividends - - (1,804,185) (1,804,185)
-------------- ---------- ------------ ------------
At 30 June 2017 50,000 40,104 52,006,004 52,096,108
Profit for the period
and total comprehensive
income - - 5,352,861 5,352,861
Dividends - - (1,897,021) (1,897,021)
-------------- ---------- ------------ ------------
At 31 December
2017 50,000 40,104 55,461,844 55,551,948
-------------- ---------- ------------ ------------
Anexo Group Plc
Consolidated Statement of Cash Flows
For the unaudited period ended 30 June 2018
Unaudited Unaudited
Half year Half year Unaudited
ended ended Year ended
Jun-18 Jun-17 Dec-17
Note GBP GBP GBP
Cash flows from operating
activities
Profit for the period /
year 4,548,225 7,054,273 12,407,134
Adjustments for:
Depreciation and amortisation 605,867 307,051 729,704
Financial income (130,010) (325,988) (320,227)
Financial expense 525,281 475,362 492,598
Taxation 794,658 1,443,259 2,159,519
------------ ------------- -------------
6,344,021 8,953,957 15,468,728
Working capital adjustments
Increase in trade and other
receivables (1,012,310) (6,797,146) (12,345,071)
(Decrease)/increase in
trade and other payables 1,581,086 (730,953) (329,359)
------------ ------------- -------------
Cash generated from operations 6,912,797 1,425,858 2,794,298
Interest paid (525,281) (475,362) (492,598)
Interest received 130,010 325,988 320,227
Tax paid (1,013,094) (442,103) (1,474,786)
Net cash from operating
activities 5,504,432 834,381 1,147,141
------------ ------------- -------------
Cash flows from investing
activities
Proceeds from sale of property,
plant and equipment 103,593 - 183,397
Acquisition of property, plant
and equipment (1,106,713) (534,265) (1,473,063)
Net cash from investing
activities (1,003,120) (534,265) (1,289,666)
------------ ------------- -------------
Cash flows from financing
activities
Net proceeds from the issue
of
share capital 9,324,965 - -
Proceeds from new loan 609,824 4,600,000 5,608,333
Dividends (1,015,289) (1,804,185) (3,701,206)
Repayment of borrowings (80,773) (388,000) -
Payment of finance lease
liabilities (524,087) (211,428) (425,747)
New finance lease arrangements 711,943 632,689 1,205,555
Net cash from financing
activities 9,026,583 2,829,076 2,686,935
------------ ------------- -------------
Net increase in cash and cash
equivalents 13,527,895 3,129,192 2,544,410
Cash and cash equivalents
at 1 January (7,486,023) (10,030,433) (10,030,433)
Cash and cash equivalents
at period end 6,041,872 (6,901,241) (7,486,023)
------------ ------------- -------------
Anexo Group Plc
Notes to the Interim Statements
For the unaudited period ended 30 June 2018
1. Basis of preparation and significant accounting policies
Anexo Group Plc was incorporated on 27 March 2018. On 15 June
2018 the Company acquired 100 per cent of the issued share capital
of Direct Accident Management Limited, Bond Turner Limited,
Professional and Legal Services Limited, IGCA 2013 Limited and AMS
Legal Services Limited.
Following this Group reorganisation the financial statements for
the period ended 30 June 2018 have been prepared on a merger
accounting basis as though this Group structure had always been in
place and a full six month set of results is therefore presented.
The first day of trading of the Group included in this six month
interim statement was therefore 1 January 2018.
On 20 June 2018, Anexo Group Plc was admitted to the AIM market
of London Stock Exchange Plc.
These interim unaudited financial statements for the six months
ended 30 June 2018 have been prepared on the basis of the
accounting policies expected to be adopted for the period ending 31
December 2018 under the historical cost convention. These are in
accordance with the Group's accounting policies as set out in the
historical financial information included in the AIM Admission
Document.
The recognition and measurement requirements of all
International Financial Reporting Standards ('IFRSs'),
International Accounting Standards ('IAS') and interpretations
currently endorsed by the International Accounting Standards Board
('IASB') and its committees as adopted by the EU and as required to
be adopted by AIM listed companies have been applied. AIM-listed
companies are not required to comply with IAS 34 'Interim Financial
Reporting' and accordingly the Company has taken advantage of this
exemption.
None of the standards, interpretations and amendments effective
for the first time from 1 January 2018, including IFRS 9 and IFRS
15, have had a material effect on the historical financial
information. None of the standards, interpretations and amendments
which are effective for periods beginning after 1 January 2019 and
which have not been adopted early, are expected to have a material
effect on the historical financial information.
The financial information contained in this interim report does
not constitute statutory accounts for the six months ended 30 June
2018 and should be read in conjunction with the historical
financial information included in the AIM Admission Document.
The condensed unaudited financial statements for the six months
to 30 June 2018 have not been audited or reviewed by auditors
pursuant to the Auditing Practices Board guidance on Review of
Interim Financial Information.
The condensed consolidated financial statements have been
prepared under the going concern assumption.
The directors have assessed the future funding requirement of
the Group, and have compared them to the levels of available cash
and funding resources. The assessment included a review of current
financial projections to December 2019. Having undertaken this
work, the directors are of the opinion that the Group has adequate
resources to finance its operations for the foreseeable future and
accordingly, continue to adopt the going concern basis in preparing
the Interim Report.
2. Segmental Reporting
The Group's reportable segments are as follows:
-- the provision of credit hire vehicles to individuals who have had a non-fault accident, and
-- associated legal services in the support of the individual
provided with a vehicle by the Group and other legal service
activities.
Management monitors the operating results of business segments
separately for the purpose of making decisions about resources to
be allocated and of assessing performance.
Half year ended 30 June 2018
Credit Hire Legal Services Consolidated
GBP GBP GBP
Revenues
Third party 12,734,891 10,723,199 23,458,090
Total revenues 12,734,891 10,723,199 23,458,090
------------ --------------- -------------
Profit before taxation 3,317,531 2,020,752 5,338,283
------------ --------------- -------------
Depreciation and amortisation 568,381 37,486 605,867
------------ --------------- -------------
Segment assets 52,893,554 41,319,697 94,213,251
------------ --------------- -------------
Capital expenditure 994,783 111,930 1,106,713
------------ --------------- -------------
Segment liabilities 12,872,751 12,784,885 25,657,636
------------ --------------- -------------
Half year ended 30 June 2017
Credit Hire Legal Services Consolidated
GBP GBP GBP
Revenues
Third party 12,796,075 10,082,833 22,878,908
Total revenues 12,796,075 10,082,833 22,878,908
------------ --------------- -------------
Profit before taxation 4,599,936 3,897,596 8,497,532
------------ --------------- -------------
Depreciation and amortisation 273,626 33,425 307,051
------------ --------------- -------------
Segment assets 48,217,557 28,015,869 76,233,426
------------ --------------- -------------
Capital expenditure 481,038 53,227 534,265
------------ --------------- -------------
Segment liabilities 13,550,312 10,587,006 24,137,318
------------ --------------- -------------
Year ended 31 December 2017
Credit Hire Legal Services Consolidated
GBP GBP GBP
Revenues
Third party 24,351,835 20,472,726 44,824,561
------------ --------------- -------------
Total revenues 24,351,835 20,472,726 44,824,561
------------ --------------- -------------
Profit before taxation 7,690,822 6,875,831 14,566,653
------------ --------------- -------------
Depreciation and amortisation 691,699 68,019 759,718
------------ --------------- -------------
Segment assets 52,175,575 29,975,581 82,151,156
------------ --------------- -------------
Capital expenditure 1,415,574 57,489 1,473,063
------------ --------------- -------------
Segment liabilities 14,908,652 11,690,556 26,599,208
------------ --------------- -------------
3. Trade and Other Receivables
Jun-18 Jun-17 Dec-17
GBP GBP GBP
Trade receivables 163,256,923 140,218,821 151,517,888
Provision for impairment of
trade receivables (101,996,068) (87,371,549) (95,627,665)
-------------- ------------- -------------
Net trade receivables 61,260,855 52,847,272 55,890,223
Prepayments and accrued
income 18,126,441 16,850,281 16,288,099
Other debtors 1,786,320 5,182,930 8,250,086
81,173,616 74,880,483 80,428,408
-------------- ------------- -------------
The Group's exposure to credit and market risks, including
impairments and allowances for credit losses, relating to trade and
other receivables is disclosed in the financial risk management and
impairment of financial assets note.
Trade receivables stated above include amounts due at the end of
the reporting period for which an
allowance for doubtful debts has not been recognised as the
amounts are still considered recoverable and there has been no
significant change in credit quality.
4. Borrowings
Jun-18 Jun-17 Dec-17
GBP GBP GBP
Non-current loans and borrowings
Bank loans and overdrafts 5,000,000 4,600,000 4,900,000
Obligations under finance lease
and hire purchase contracts 491,345 124,944 437,915
Other borrowings 74,907 - 137,555
5,566,252 4,724,944 5,475,470
---------- ------------ -----------
Current loans and borrowings
Bank loans and overdrafts 5,568,984 7,066,736 7,688,305
Obligations under finance lease
and hire purchase contracts 997,324 618,140 825,343
Other borrowings 1,349,269 300,389 1,259,437
7,915,577 7,985,265 9,773,085
---------- ------------ -----------
The company uses an invoice discounting facility which is
secured on the trade debtors of Direct Accident Management Limited.
The bank loan is secured by way of a fixed charge dated 25 January
2017, over all present and future property, assets and rights
(including uncalled capital) of Bond Turner Limited. The loan is
structured as a revolving credit facility which is committed for a
two-year period, until January 2019, with no associated repayments
due before that date. Interest is charged at 3.75 per cent. over
LIBOR.
5. Obligations under Lease and Hire Purchase Agreements
Finance leases
The total future value of minimum lease payments under finance
leases and hire purchase contracts are as follows:
Jun-18 Jun-17 Dec-17
GBP GBP GBP
Not later than 1 year 997,324 618,140 825,343
Later than 1 and not later
than 5 years 491,345 124,944 437,915
1,488,669 743,084 1,263,258
---------- -------- ----------
Operating leases
The Group lease a number of office and other premises as well as
a proportion of the motor vehicle fleet under non-cancellable
operating lease agreements. The total future value of minimum lease
payments is as follows:
Jun-18 Jun-17 Dec-17
GBP GBP GBP
Operating leases
Not later than 1 year 4,529,741 2,148,751 1,900,901
Later than 1 and not later
than 5 years 4,538,317 1,911,979 2,116,377
9,068,058 4,060,731 4,017,278
---------- ---------- ----------
6. Share Capital
Issued and fully paid
Jun-18 Jun-18
Number GBP
Issued on group restructure 100,000,000 50,000
Issued on initial public offering 10,000,000 5,000
110,000,000 55,000
------------ -------
The share capital reflects the shares issued as part of the
group restructure which was completed on 15 June 2018. In line with
the requirements of merger accounting the structure and share
capital issued has been recorded as though it had always been in
place.
On the Group's admission to the AIM market of London Stock
Exchange Plc on 20th June 2018 a further 10,000,000 ordinary shares
of 0.05p were issued and fully paid up.
- Ends -
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END
IR UAVNRWNAKAAR
(END) Dow Jones Newswires
September 12, 2018 02:00 ET (06:00 GMT)
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