Accident Exchange Group PLC
20 July 2006
FOR IMMEDIATE RELEASE 20 July 2006
Accident Exchange Group Plc
AGM STATEMENT AND TRADING UPDATE
At the Annual General Meeting of Accident Exchange Group Plc (the 'Group') to be
held at 12.00pm today, Chairman Lord Young of Graffham will give the following
trading update on progress since the start of the current financial year:
'I am pleased to report that referral volumes in the first quarter to date are
satisfactory with hire starts having increased by almost 90% on the same period
last year. We are focussing on improving the productivity of the account wins
announced at the year end and we continue to negotiate other relationship
opportunities with dealers, dealer groups and automotive manufacturers.
'The Audi Accident Aftercare service announced recently has now been launched
into the Audi dealer network. From a total population of 120 dealers, 75% are
now contracted or in the process of finalising contract terms with us. The
service will be launched to Audi customers by the end of July as planned.
'We are also pleased to report that we have recently agreed a payment protocol
with a 'Top 3' insurer. This protocol involves both the basis for communicating
and submitting future credit hire claims to its electronic platform and the
agreed settlement of the bulk of the existing claims currently outstanding with
'The DCML business acquired recently is currently performing in line with
management expectations and we are pleased to announce further growth in our
customer base following the decision by Dixon Motor Holdings Limited to use our
software to manage their courtesy car fleet and provide courtesy car insurance
across their 42 dealerships. DCML now operates through 1,182 dealer outlets.
'We have an excellent pipeline of potential new referral agreements with leading
motor dealerships and leasing and contract hire companies and also expect to
strengthen further our relationships with car manufacturers and insurance
companies over the coming year. The Board remains confident of achieving a
further year of strong performance.
'I shall be retiring from the Board at the conclusion of the AGM when David
Galloway (currently our non-executive Deputy Chairman) becomes Non-Executive
Chairman. It has been a pleasure working with David over the last year. He has
already made a considerable contribution to the performance and dynamic of your
Board and it will be his privilege to lead the Group through its next phase of
Accident Exchange Group Plc
Steve Evans, Chief Executive 08700-116 719
Martin Andrews, Group Finance Director 08700-053 649
Steve Liebmann or Simon Bloomfield 020-7367-8888
About Accident Exchange
Based in Coleshill, West Midlands, Accident Exchange delivers accident
management and other solutions to automotive and insurance related sectors.
Quoted on AIM, the stock code is LSE: ACE.
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