Published on: September 20, 2022
A changing business model
Anexo has announced impressive H1 22 results, with 42% revenue growth and 53% PBT growth underpinned by strong demand in the Credit Hire business and a doubling of revenue and profit in the Housing Disrepair division. Continued investment in the Legal Services division resulted in 20% growth in cash collections. The Board has highlighted that the emissions opportunity warrants significantly increased investment and that shareholders’ interests would be better served by Anexo paying an annual dividend after announcement of FY22 results. Our 1.5p dividend forecast for FY22 is unchanged. Reductions in PBT and EPS for FY22 (-5%) and FY23 (-6%) reflect a lower year-end vehicle count in Credit Hire and higher finance costs, partially offset by revenue upgrades in Housing Disrepair.