Listed credit hire and legal services provider Anexo today announced a 53% increase in profit before tax and a 36% rise in revenue, with the business saying it is in a position to take advantage of ‘significant growth opportunities … as we emerge from the pandemic’.

Anexo Group reported profit before tax of £23.7m for calendar 2021, up from £15.5m in the previous 12 months. Total revenue rose from £86.8m to £118.2m, with its legal services division Bond Turner increasing its revenue by 33% to £46.9m.

The company, which listed on the Alternative Investment Market in 2018, said growth at Bond Turner’s Bolton office and the opening of an office in Leeds early last year have provided ‘considerable opportunities for recruitment’.

‘During the pandemic, and following the implementation of the Civil Liabilities Act 2021, the group has seen a number of personal injury solicitors withdrawing from the market and embarking on a run-off strategy,’ it said in its annual results. In addition, a number of high-quality staff at competitor firms were placed on furlough. Taking advantage of these recruitment opportunities has resulted in staff numbers rising at all levels, with the ability to retrain personal injury solicitors in the field of credit hire for suitable placement within Bond Turner.’

London Stock Exchange

London Stock Exchange

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Staff numbers within Bond Turner stood at 634 at the end of 2021, up 22% from the previous year, with the number of senior fee earners up 45% to 237, which Anexo said has ‘driven increased cash collections in the year despite the challenges of the reduced operation of the court system’.

The company has proposed a final dividend of 1p per share, subject to approval at next month’s annual general meeting, following the payment of an interim dividend of 0.5p per share in October.

Its executive chairman Alan Sellers said the results ‘reflect our continued focus on increasing cash settlements through the expansion of our legal services division, while using our working capital to maximum effect to ensure growth in our credit hire division’.

He added: ‘The board continues its close monitoring of progress in our core divisions while seeking to take advantage of the significant growth opportunities which are presenting themselves as we emerge from the pandemic and believes that the group is well positioned for further strong performance in 2022 and beyond.’

Shares in Anexo Group plc were down 1p to 120.5p by this afternoon.