14/06/2006
Accident Exchange, backed by Growth Company Investor at 285p, reached an all-time peak of 505p earlier this year, though shares in the accident management counter have had some of the froth knocked off them of late.
Nevertheless, this quality West Midlands-based growth company continues to deliver under ambitious chief executive Steve Evans, who reversed the business onto AIM in April 2004 with an initial market cap of just £15.4m.
Evans has just steered in strong organic growth in turnover, profits and earnings for the year to April. On £53.5m sales, normalised pre-tax profits accelerated 120% higher to £16.3m, sending earnings 111% north and allowing the declaration of a doubled dividend of 3p a share. In terms of operational progress, Evans flagged up growth in the car fleet from 961 to 2,767, with referring dealer partners up from 293 to 566. Accident Exchange, which recently announced a manufacturer sponsored relationship with Audi UK (a first for the company), also unveiled a new referral deal with quoted premium car dealer European Motor Holdings alongside its results, ‘a deal which takes our dealerships to over 600’.
The other major recent event was the post year-end acquisition of DCML for up to £12m – this software house, which ‘allows dealers to manage their courtesy cars’, will immediately enhance group earnings.
Another superb year is revving up, with an excellent pipeline of possible new referral agreements with dealerships and car manufacturers in play, and ‘insurers becoming increasingly interested in how they can work with accident management companies’. The shares have eased, yet still trade above our recommendation price, and offer nothing less than a superb buying window at a discount to FTSE 250 rival Helphire. Strong buy.
| Market cap: | £217.7m |
| PE Forecast: | n/a |
| Share price: | 330.25p |
| LSE | £12.27m |
17.25p
|
1.50p
|
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| Other company articles: |
| 16/07/2007 |
| 01/05/2007 |
| 10/04/2007 |
| 14/06/2006 |
| 15/05/2006 |
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