Shares of Anexo Group spiked by 13% in early trade following the announcement of higher first-half earnings. The company attributed this success to improved cash collections across all its units, as well as the settlement of the Volkswagen emissions claim.
For the half-year ending June 30, pretax profit amounted to £15.2 million, compared to £13.6 million during the same period last year. Revenue also saw a significant increase, rising from £68.6 million to £77.8 million. Similarly, cash collection improved from £67.9 million to £77.4 million.
Chairman Alan Sellers expressed confidence in the company's ability to sustain growth in vehicle numbers, revenue, and profits throughout the second half of the year. Importantly, this growth is expected to be achieved without additional funding from current debt facilities. The board remains optimistic about meeting full-year market forecasts.
Additionally, Anexo Group is considering the possibility of a dividend payout during its full-year earnings announcement as it continues to invest in future opportunities.
Shares of Anexo Group rose by 8% to 65.0 pence at 1010 GMT, peaking at 68.0 pence earlier in the session.