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Highlights

  • FY2024 Group revenue slightly declined to £141.9M due to prior-year one-off VW settlement

  • Credit Hire revenues surged 22.9%, boosting PBT by 50% to £9.9M

  • Group PBT dropped 35.7% to £14.8M, impacted by FY2023’s VW settlement and continued investment in growth initiatives

Anexo Group plc (LSE:ANX) has released its audited final results for FY2024, demonstrating resilient core business growth despite a challenging comparative period boosted by a one-off agreement with Volkswagen AG (VW) in FY2023.

Revenue Performance

Total group revenue for FY2024 came in at £141.9 million, down 1.0% from £143.3 million in FY2023. However, excluding the extraordinary revenue contribution from the VW emissions claim in the prior year, the underlying business showed growth.

  • Credit Hire division saw robust expansion, with revenue rising 22.9% to £70.4 million (2023: £57.3 million). The growth was driven by increased and diversified vehicle activity.

  • Legal Services revenue fell 16.9% to £71.5 million (2023: £86.0 million), largely due to the absence of the VW emissions claim contribution which inflated FY2023 figures.

Profitability

The profitability trend mirrored revenue movements across divisions:

  • Credit Hire delivered a 50.0% increase in profit before tax (PBT) to £9.9 million (2023: £6.6 million), reflecting operational efficiencies and volume growth.

  • Legal Services PBT declined to £7.6 million (2023: £19.5 million), as the company ramped up investment in personnel, marketing, and infrastructure, and absorbed the absence of VW-related gains.

  • At the group level, PBT dropped 35.7% to £14.8 million (2023: £23.0 million), reflecting the prior-year VW settlement, £0.7 million in refinancing costs, and a strategic decision to invest for future growth.

Strategic Positioning

Management emphasized that the refinancing completed in 2024 provided substantial additional financial headroom. Investments in staffing (up 9.4% YoY), IT systems, and marketing were flagged as deliberate steps to support long-term expansion, particularly in Legal Services.

Anexo also pointed to the continued diversification in its Credit Hire business.