Anexo trading in line as emissions cases progress

1st Feb 2024 15:55

(Sharecast News) - Integrated credit hire and legal services provider Anexo said in an update on Thursday that a three-day consolidated hearing took place in the High Court last week to address the case management of all diesel emissions cases.

The AIM-traded firm said during the hearing, all pending applications for group litigation orders, pertaining to each respective manufacturer case, were reviewed.

While the orders were expected to resemble those previously issued in the Mercedes case, the board said it was awaiting confirmation of the specific terms from the court.

Upcoming steps in the emissions claims process would include a five-day hearing scheduled for March, where the court would provide further directions for the broader case management of emissions cases.

That, Anexo said, would also determine which two other manufacturers' cases would be progressed concurrently with the Mercedes claims.

A costs management hearing was scheduled for May.

Additional trial periods had also been set, with the first in October likely addressing common issues across the emissions cases that were not manufacturer-specific, and the second in February marking the first trial date for the Mercedes case.

Bond Turner had continued its significant investment in litigation concerning various emission claims throughout 2023, the company said.

Notably, it was representing more than 12,000 claimants in the group action against Mercedes, as announced in its interim results in August.

As of 31 December, Bond Turner was also representing over 20,000 claimants against other manufacturers.

In the previous emissions action, Bond Turner's clients were not included in the group litigation order that consolidated various legal firms representing different claimants.

However, in the current action, Bond Turner said it would participate in the respective group litigation orders, which was expected to streamline the legal process, aiming for a quicker resolution to the cases.

Looking at its trading, Anexo said the group's performance was in line with management forecasts.

Pre-tax profit for the 2023 financial year was expected to broadly align with market expectations.

At 1400 GMT, shares in Anexo Group were down 7.8% at 65p.

Reporting by Josh White for Sharecast.com.