(Alliance News) - Anexo Group PLC on Friday reported a decline in profit during 2024, as full-year earnings fell short of settlement-boosted results in 2023.
The Liverpool, England-based integrated credit hire and legal services company said pretax profit declined 36% to GBP14.8 million in 2024 from a restated GBP23.0 million in 2023.
Revenue fell 1.0% to GBP141.9 million from GBP143.3 million.
This was largely driven by Legal Services revenue slipping 17% to GBP71.5 million from GBP86.0 million. Credit Hire revenue, on the other hand, grew 23% to GBP70.4 million from GBP57.3 million.
Anexo noted that 2023 results were "outside the normal course of historic business", as a result of the agreement reached with Volkswagen AG to conclude an emissions case involving the claims of around 12,000 claimants.
The terms of the deal, announced in June 2023, remain confidential, though Anexo reported a net positive cash position of GBP7.2 million at the time.
"The underlying business on a normalised basis grew in financial 2024 compared with financial 2023," Anexo said.
Total cost of sales increased 36% to GBP38.4 million from GBP28.3 million, and total administrative expenses were up 3.7% to GBP78.0 million from GBP75.2 million.
"The board is very pleased with these results, which demonstrate our continued commitment to sustainable investment across our divisions, enabling appropriate growth while managing our debt levels efficiently," said Executive Chair Alan Sellers.
"The group has multiple opportunities in its existing business in areas which offer huge potential for growth. Our legal services division is involved in a number of high-profile actions which will heighten its public profile and reputation for expertise, while the credit hire division is benefitting from our recent expansion into the taxi sector. The future for the group is both exciting and promising."
Shares in Anexo were down 2.0% at 60.00 pence each in London on Friday afternoon. The stock is down 12% over the past year.
By Emily Parsons, Alliance News reporter
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