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Anexo Group - up over 60% since our original note, is there more to come?

13/06/2019 · Anexo Group PLC (ANX) 

Anexo Group - up over 60% since our original note, is there more to come?
Anexo Group is a specialist legal services business providing replacement vehicles and legal services to ‘impecunious’ customers who have been involved in a non-fault accident. As we commented in our original note, the rating looked attractive at IPO and it hasn't disappointed with the latest trading update already confirming that profits for the year ending December 2019 would be ahead of expectations. Could there be more to go for?  

In simple terms, Anexo Group (LON:ANX) funds small insurance claims for people involved in accidents through no fault of their own, who do not have the financial means to contest these claims themselves. The claims largely reflect the provision of repairs and replacement vehicles, with the business model underpinned by case law. Personal injury represents a very small element of their business.

It has developed an integrated business model with a dedicated field sales team generating almost all of the group’s road traffic accident customers from a network of approximately 1,000 active referrers in 2017.

The group provides an integrated end to end service to the customer including the provision of a credit hire vehicle, upfront settlement of repair and recovery charges through to the management and recovery of costs and the processing of any associated personal injury claim. The group funds these claims from its own internal resources and instructs its own team of…

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