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Accident Exchange (~268)

  Print      Mail a friend       Annual reports

Wednesday 13 December, 2006

Accident Exchange

Interim Results

Accident Exchange Group PLC
13 December 2006



                          Accident Exchange Group Plc
                                        
                RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2006

Accident Exchange Group Plc ('Accident Exchange', the 'Company' or the 'Group') 
has announced its unaudited results for the six months ended 31 October 2006.  
These results are reported under IFRS.

Key points:

• Results reflect further strong organic growth and continued development
  of the scale of the business.

• The financial results for the half year were:

  o      Revenue up 135% to £52.8m (2005: £22.5m);

  o      Adjusted profit before tax* up 50% to £9.0m (2005: £6.0m);

  o      Profit before tax up 34% to £7.9m (2005: £5.9m); and

  o      Adjusted basic earnings per share* up 42% to 9.4p (2005: 6.6p); and

  o      Basic earnings per share up 25% to 8.0p (2005: 6.4p)

         *  stated before amortisation of acquired intangible assets, share 
            based payments and exceptional costs incurred in relation to the 
            move to the Official List

• Interim dividend increased 50% to 1.5p (2005: 1.0p).

• Share placing in late September raised £12.5m (net of expenses).

• Move to the Official List from AIM completed on 1 November 2006.

• Appointment of Daksh Gupta as Chief Operating Officer with effect from 2 
  January 2007.

• Growth in key business metrics:

  o          Car fleet up to 3,589 from 2,767 as at 30 April 2006;

  o          Fleet utilisation across market segments ranged from 63% to 86% for
             the half year;

  o          Referring dealer partners up to 750 from 566 as at 30 April 2006;

  o          Number of rental days up 85% to 290,000 from 157,000 in the 
             comparable period last year; and

  o          Staff numbers up to 452 from 363 as at 30 April 2006.

David Galloway, non-executive Chairman, stated:

'We have won several new dealership and manufacturer relationships recently and 
we have invested in infrastructure, personnel and fleet in anticipation
of continued growth. Against this background we are confident of further 
substantial growth in trading levels.'

Contacts:

Accident Exchange Group Plc
Steve Evans, Chief Executive                               today: 020-7367-8888; 
                                                      thereafter: 08700-116 719

Martin Andrews, Group Finance Director                     today: 020-7367-8888;
                                                      thereafter: 08700-053 649

Bankside
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.  
Fully listed, the stock code is LSE: ACE.


            INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2006

Introduction


We are pleased to report another successful six months for your Company. In
addition to reporting further excellent growth in revenue and profit, we have:


   • made our first acquisition;
   • strengthened the management team;
   • strengthened the balance sheet;
   • moved to the Official List;
   • agreed our first pilot rental scheme with an insurer; and
   • continued to develop the infrastructure required to support the
    Company's growth going forward including progress in consolidating our
    Midlands operations within the new Alpha 1 centre.


On 5 May 2006 we acquired DCML Limited ('DCML') for initial consideration of £8
million, with an additional estimated £3 million of deferred consideration
payable in the second half of the current financial year. On 4 October 2006 the
Company raised £12.5 million (net of expenses) from a share placing at £3.25 per
share and on 1 November 2006 the Company moved from AIM to a listing on the main
market of the London Stock Exchange. A copy of the Prospectus issued in
connection with this listing is available for download from the Company's web
site at www.accidentexchange.com.


Financial performance


Revenue for the six months ended 31 October 2006 rose 135% to £52.8 million
(2005: £22.5 million). This increase reflected a 95% increase in our accident
management and related services revenue which, including a first revenue
contribution from DCML of £1.4 million, rose to £40.1 million (2005: £20.6
million) and a material increase in the levels of our lower margin credit repair
revenues which grew to £12.7 million in the period (2005: £1.9 million).


Adjusted profit before taxation was £9.0 million (2005: £6.0 million), an
increase of 50% (adjusted profit before taxation is stated before amortisation
of acquired intangible assets, share based payments and exceptional costs
incurred in relation to the move to the Official List). After the effects of
these items profit before taxation was £7.9 million (2005: £5.9 million), an
increase of 34%.


Operating profit increased 56% to £10.4 million (2005: £6.7 million) including a
first contribution from DCML of £0.5 million. Adjusted operating profit before
amortisation of acquired intangible assets, share based payments and exceptional
costs increased 70% to £11.6 million (2005: £6.8 million) reflecting an
operating margin of 21.9% (2005: 30.3%), the reduction being primarily as a
result of the significant increase in our credit repair revenue on which gross
margins are approximately 5%.


Adjusted operating profit, excluding the profit directly attributable to credit
repair, increased by 62% to approximately £10.9 million (2005: £6.7 million).
This represents an operating margin of 27.2% (2005: 32.7%) reflecting an
infrastructure and cost base that has been developed in expectation of a
continued increase in trading levels in the second half of the year and fleet
size, mix and utilisation changes.


Basic earnings per share increased by 25% to 8.0 pence per share (2005: 6.4p).
Adjusted basic earnings per share increased by 42% to 9.4 pence per share (2005:
6.6p). Fully diluted basic and adjusted earnings per share (taking into account
the potentially dilutive effect of share options and the deferred consideration
payable in relation to DCML) was 7.8p (2005: 6.4p) and 9.2p (2005: 6.6p)
respectively.


Net cash inflow from operating activities was £10.1 million (2005: £1.7 million)
and, with the £12.5 million net proceeds of the share placing, net debt at 31
October 2006 was £73.3 million (2005: £25.9 million) reflecting gearing levels
of 124%, down from 154% at 30 April 2006 (2005: 83%).


During the period, the Group purchased a total of 1,701 cars for the fleet at a
cost of £34.4 million. It also sold 721 cars for proceeds of £11.1 million on
which there was a loss of £0.6 million (2005: £0.04 million).


As a result of the increase in revenue, trade debtors increased to £42.1 million
(2005: £17.3 million) resulting in average debtor days outstanding of 141
compared to 136 at 31 October 2005 and 119 at 30 April 2006 (these comparatives
being restated in line with the credit repair revenue accounting policy). These
debtors are due principally from major insurance companies.


IFRS


Our financial statements are now prepared in accordance with International
Financial Reporting Standards ('IFRS') and the comparative figures in this
Interim Report have therefore been restated to reflect the anticipated IFRS
accounting policies that are expected to be applied in the Annual Report and
Accounts for the year ending 30 April 2007. There has been no significant impact
on previously reported profit before taxation other than the reversal of
goodwill amortisation. Further details on this, and the restatements made to the
comparative figures, are given in the notes to this Interim Report.


Dividend


A dividend of 1.5 pence per share (2005: 1.0p) has been declared and will be
paid on 24 January 2007 to shareholders on the register on 19 December 2006.
This dividend is covered six times by adjusted earnings per share.


Operating review


Accident Exchange operates a core business model which revolves around winning
and then developing relationships with prestige franchise dealers, dealer groups
and vehicle manufacturers. In turn these referral sources introduce us to their
customers who need a replacement vehicle because their own has been damaged in
an accident for which someone else was to blame.


When appropriate, we provide a hire car to the non-fault victim and charge the
insurance company of the driver who was at fault. These and other credit hire
claims are predominately pursued within the terms of the ABI General Terms of
Agreement (the 'GTA'). A more comprehensive review of the business is given in
the Prospectus referred to earlier.


As at 30 April 2006 the number of motor dealers referring customers was 566.
Following a number of successful new agreements in the period, including
European Motor Holdings and Colliers, the number of potentially referring
dealers at 31 October had grown to 750 of which approximately 80% are now
contracted for terms of between one and two years.


Inevitably there are some start up costs on new contracts while dealerships are
trained, systems implemented and relationships developed with our staff. All
these costs are immediately expensed through the profit and loss account whereas
the benefits take time to be realised as the dealers build up to the expected
run rate of customer referrals over a number of months. We are therefore
confident of an increase in referral volumes in the second half of the financial
year as these recently won dealership accounts are taken through our training
programmes.


We have also developed our relationships with manufacturers and the Audi
Accident Aftercare scheme has led us into discussions with other manufacturers
looking to initiate similar customer focussed service levels


In addition to our credit hire business, our accident management services have
continued to grow. This service is now subscribed to by 685 referring dealers
(2005: 195) and offers their customers an accident management service provided
by us '24/7', 365 days of the year and which encompasses the recovery and repair
of the customers' vehicle, the provision of a like for like vehicle replacement
service for their non fault customers and the 48 hour provision of a non
chargeable replacement vehicle even for their fault customers. This high quality
customer service strengthens the brand value of the referring dealership which
benefits from increased customer loyalty and repeat business, thereby
strengthening our relationship with the dealer.


As a result of all this activity, chargeable rental days increased by 85% to
290,000 (6 months to 31 October 2005: 157,000).


To accommodate our increased business levels and to provide for the seasonally
strong second half year, the total fleet (including hire purchase financed fleet
(on balance sheet), contract hired fleet (off balance sheet) and non revenue
accident management fleet) has grown from 2,767 at 30 April 2006 to 3,589 at 31
October 2006. Of these, the rental fleet on 31 October 2006 comprised 2,688
vehicles (30 April 2006: 2,069) of which 80% were 'prestige' vehicles (30 April
2006: 82.5%) and the remainder 'mainstream'. Maintaining high levels of
utilisation is a key component of our profitability. Over the period,
utilisation rates ranged from 63% to 86% across the seven classifications of
vehicle that we monitor compared to a range of 73% to 89% in the year ended 30
April 2006.


DCML, our recently acquired subsidiary that provides software to dealers to
enable them to manage and insure their own courtesy car fleets, continued to
develop in line with expectations at the time of acquisition. The company has
also signed a three-year agreement to provide software to all participating BMW
dealers and the opportunities for further cross selling are being actively
developed. At 31 October 2006 the number of dealers using the DCML system stood
at 1,017.


Good progress has been made on developing the Group's infrastructure in
expectation of continued and dynamic growth. Headcount has increased from 363 at
30 April 2006 to 452 at 31 October with increases across all departments and
particularly in the front line sales and business development teams and in the
cash settlement team where several initiatives have been instigated with a view
of improving the cash collection profile from insurers. Further development has
also been made to our back office IT systems to ensure that our technology more
than keeps pace with business requirements.


We are already seeing the logistical benefits of having consolidated our
Midlands based fleet operation into the new 220,000 sq ft Alpha 1 distribution
centre and we anticipate further benefits to be realised when the relocation of
the remaining administrative functions takes place in the first quarter of 2007.


As always none of the progress we have made would have been possible without the
hard work and commitment of each and every one of the Group's employees. We are
operating in a rapidly evolving market and have strengthened our position as a
high quality service provider to automotive dealers and are now just starting to
explore opportunities to provide equivalent service levels to insurers and their
customers. Our employees' ability to cope with the consequences of rapid growth
has been amply demonstrated and for this the Board would like to express its
thanks.


Board


We are delighted to have been able to announce recently the imminent appointment
of Daksh Gupta, aged 36, to your Board as Chief Operating Officer with effect
from 2 January 2007. Daksh has significant business and retail automotive
experience and his appointment will strengthen our leadership team
significantly.


Outlook


We have won several new dealership and manufacturer relationships recently and
we have invested in infrastructure, personnel and fleet in anticipation of
continued growth as these and existing referrer relationships are brought up to
expected referral volumes from, in some instances, a standing start. Against
this background we are confident of further substantial growth in trading
levels.




Consolidated Income Statement

for the six months ended 31 October 2006

                                              6 Months     6 Months       Year
                                                 ended        ended      ended
                                            31 October   31 October   30 April
                                                  2006         2005       2006
                                           (Unaudited) (Unaudited & (Audited &
                                                         Restated*) Restated*)
                                      Note       £'000        £'000      £'000
Revenue
Existing operations                             51,400       22,467     61,415
Acquisitions                                     1,372            -          -
Total revenue                          4        52,772       22,467     61,415
Cost of sales                                 (31,716)     (11,520)   (32,681)
Gross profit                                    21,056       10,947     28,734
Administrative expenses                       (10,633)      (4,264)    (8,315)

Operating profit analysed between:
Existing operations                              9,884        6,683     20,419
Acquisitions                                       539            -          -
Total operating profit                          10,423        6,683     20,419

Finance costs                                  (2,534)        (872)    (2,030)
Interest receivable                                  2           88        118
Profit before tax analysed between:
Profit before tax before profit on               9,026        6,029     16,197
disposal of property, amortisation of
acquired intangible assets, cost of share
based payments and exceptional costs
Profit on disposal of property                       -            -      2,600
Amortisation of acquired intangible              (228)            -          -
assets
Share based payments                             (140)        (130)      (290)
Exceptional costs                      5         (767)            -          -

Profit before tax                                7,891        5,899     18,507
Taxation                               6       (2,628)      (1,806)    (5,680)
Profit attributable to equity                    5,263        4,093     12,827
shareholders

Basic earnings per share               8          8.0p         6.4p      19.9p
Diluted earnings per share             9          7.8p         6.4p      19.8p

*Restated - see notes 1 and 2.

A final dividend of 2.0 pence per share for the year ended 30 April 2006 (1.0 
pence per share for the year ended 30 April 2005) was paid on 21 July 2006.  
The Directors have approved an interim dividend of 1.5 pence per share in 
respect of the six months ended 31 October 2006 (1.0 pence per share for the 
six months ended 31 October 2005).


Consolidated Statement of Recognised Income and Expense

for the six months ended 31 October 2006

                                               6 Months    6 Months       Year
                                                  ended       ended      ended
                                             31 October  31 October   30 April
                                                   2006        2005       2006
                                            (Unaudited)  (Unaudited (Audited &
                                                                  &
                                                         Restated*) Restated*)
                                                  £'000       £'000      £'000
Deferred tax on share options                      (16)           -         29
Net (expense) / income recognised                  (16)           -         29
directly in equity
Profit for the period                             5,263       4,093     12,827
Total recognised income for the                   5,247       4,093     12,856
period

*Restated - see notes 1 and 2.


Consolidated Balance Sheet

at 31 October 2006

                                            31 October  31 October   30 April
                                                  2006        2005       2006
                                           (Unaudited)  (Unaudited (Audited &
                                                                 &
                                                        Restated*) Restated*)
                                     Note        £'000       £'000      £'000
Assets
Non-current assets
Goodwill                                        21,663      13,053     13,053
Intangible assets                                3,470         144        124
Property, plant and equipment                   68,144      28,070     49,448
                                                93,277      41,267     62,625

Current assets
Claims in progress                              12,028       4,239     12,402
Trade and other receivables           10        45,993      19,099     32,588
Cash                                             8,604       3,775          -
                                                66,625      27,113     44,990
Non-current assets held for sale                 1,114         224      2,858
                                                67,739      27,337     47,848

Total assets                                   161,016      68,604    110,473

Liabilities
Current liabilities
Financial liabilities - borrowings            (25,766)    (12,072)   (24,037)
Trade and other payables                       (9,378)     (3,492)    (5,597)
Current tax liabilities -                      (3,831)     (3,145)    (2,045)
corporation tax
Deferred consideration - acquisition           (3,000)           -          -
                                              (41,975)    (18,709)   (31,679)

Net current assets                              25,764       8,628     16,169

Non-current liabilities
Financial liabilities - borrowings            (56,099)    (17,599)   (36,668)
Deferred tax liabilities                       (4,083)     (1,209)    (2,769)
                                              (60,182)    (18,808)   (39,437)

Total liabilities                            (102,157)    (37,517)   (71,116)

Net assets                                      58,859      31,087     39,357

Shareholders' equity
Share capital                         11         3,497       3,887      3,887
Share premium                         12        23,157       7,959      7,959
Other reserves                        12        11,472      10,846     10,846
Retained earnings                     12        20,733       8,395     16,665
Total shareholders' equity            13        58,859      31,087     39,357

*Restated - see notes 1 and 2.


Consolidated Cash Flow Statement

for the six months ended 31 October 2006

                                               6 Months    6 Months       Year
                                                  ended       ended      Ended
                                             31 October  31 October   30 April
                                                   2006        2005       2006
                                            (Unaudited)  (Unaudited (Audited &
                                                                  &
                                                        Restated*) Restated*)
                                      Note        £'000       £'000      £'000
Cash flows from operating activities
Cash generated from operations         14        13,166       2,482      6,729
Interest received                                     2          89        119
Interest paid on bank loans and                   (364)         (9)       (47)
overdrafts
Interest element of finance lease               (2,110)       (864)    (1,984)
payments
Tax paid                                          (629)           -    (3,385)
Net cash inflow from operating                   10,065       1,698      1,432
activities

Cash flows from investing activities
Purchase of property, plant and                 (1,120)       (530)    (1,274)
equipment
Proceeds from sale of property                    1,912           -        688
Proceeds from sale of plant and                  11,114       1,902      8,761
equipment
Acquisitions                                    (5,418)           -          -
Cash and cash equivalents acquired                  556           -          -
Net cash inflow from investing                    7,044       1,372      8,175
activities

Cash flows from financing activities
Issue of ordinary share capital                  13,000       8,000      8,000
Share issue costs                                 (465)       (277)      (277)
Net draw down of revolving credit                 5,000           -          -
facility
Inception of bank loans                           5,000           -          -
Bank loan repayments                              (167)           -          -
Capital element of hire purchase               (23,089)     (6,349)   (22,473)
repayments
Dividends paid                                  (1,319)       (652)    (1,305)
Net cash (used in) / generated from             (2,040)         722   (16,055)
financing activities
Net increase / (decrease) in cash     15         15,069       3,792    (6,448)
Overdraft brought forward                       (6,465)        (17)       (17)
Cash / (overdraft) carried forward    16          8,604       3,775    (6,465)

*Restated - see notes 1 and 2.


Notes to the Financial Information

for the six months ended 31 October 2006

1.                   Basis of preparation


The Group has previously prepared its financial information in accordance with
UK Generally Accepted Accounting Principles ('UK GAAP'). Following the listing
of the Group's entire issued ordinary share capital on the Official List of the
UK Listing Authority ('Official List') and admission to trading on the London
Stock Exchange's market for listed securities on 1 November 2006, the Group will
report financial information for the accounting period commencing 1 May 2006
under International Financial Reporting Standards ('IFRS'). Accordingly, IFRS
financial information presented in this Interim Report has been prepared using
IFRS accounting policies that the Directors expect to apply in the Group's first
IFRS Annual Report and Accounts for the year ending 30 April 2007. These
accounting policies are the same as those included in the prospectus published
by the Group on 26 October 2006 in connection with its admission to the Official
List ('Prospectus'), which is available on the Group's website,
www.accidentexchange.com.


IFRS currently in issue are subject to ongoing amendment by the International
Accounting Standards Board and subsequent review and endorsement by the European
Commission and are therefore subject to possible change. Further standards or
interpretations may also be issued that could become applicable for the full
year consolidated financial information. These potential changes could result in
the need to change the basis of accounting of certain financial information from
that presented in this Interim Report. In addition, as IFRS is a new reporting
basis for UK companies, accounting practice and interpretations of accounting
standards will continue to develop as companies gain more experience of the new
framework. Accordingly there may be changes in the common approaches currently
adopted. The Group has chosen not to adopt IAS 34 'Interim Financial Statements'
in preparing this Interim Report.


This Interim Report is not audited but has been reviewed by the Group's auditors
and their review opinion is given below. The reviewed financial information for
the six months ended 31 October 2006 does not constitute statutory financial
statements as defined in section 240 of the Companies Act 1985. Comparative
annual figures for the year ended 30 April 2006 set out within this Interim
Report have been extracted from the Prospectus. Statutory consolidated financial
statements for the Group for the year ended 30 April 2006, prepared in
accordance with UK GAAP, on which the auditors gave an unqualified opinion and
did not include a statement under section 237(2) or (3) of the Companies Act
1985, have been delivered to the Registrar of Companies.



2.                   Restatement of prior period comparatives


Revenue Recognition - Credit Repair Revenues


Credit repair revenues were accounted for on an agency basis in the UK GAAP
statutory accounts for the years ended 30 April 2005 and 2006 with the result
that the net margin was credited to revenue. Having conducted a detailed review
of the risks and rewards of this revenue stream, the Directors are now of the
opinion that the Group acts as Principal in its credit repair relationships. The
Group's credit repair revenue recognition policy has therefore been changed so
that credit repair revenues and the associated costs of sale are recognised
gross. This results in an uplift to both revenue and cost of sales of £1.8
million for the six months ended 31 October 2005 and £7.9 million for the year
ended 30 April 2006. In all instances profit before tax is unaffected.



3.                   Segmental Analysis


The Group operates in one business segment, being the delivery of accident
management and other solutions to the automotive and insurance sectors. The
business operates wholly within the UK, which the Directors consider to be a
single geographical segment. Accordingly, no segmental information for business
segment or geographical segment is disclosed.



4.                   Revenue


An analysis of the Group's revenue is as follows:
                                               6 Months    6 Months       Year
                                                  ended       ended      ended
                                             31 October  31 October   30 April
                                                   2006        2005       2006
                                            (Unaudited)  (Unaudited (Audited &
                                                                  &
                                                         Restated*) Restated*)
                                                  £'000       £'000      £'000
Delivery of accident management and related      40,044      20,555     53,041
services, primarily credit hire of vehicles
Credit repair                                    12,728       1,912      8,374
                                                 52,772      22,467     61,415

Revenue derived from the delivery of accident management and related services,
primarily credit hire of vehicles for the six months ended 31 October 2006
includes £1,372,000 from DCML Limited, which was acquired during the period.



5.                   Exceptional costs


The Group incurred £767,000 of exceptional administrative expenses during the
six months ended 31 October 2006 (six months ended 31 October 2005 and year
ended 30 April 2006: £nil) in connection with its application and subsequent
admission to the Official List of the London Stock Exchange. These exceptional
administrative expenses have been separately disclosed within this report as
they are non-recurring and significant in nature.



6.                   Taxation


The tax charge for the period is based on the estimated effective tax rate for
the year ending 30 April 2007 applied to the taxable profits for the period.



7.                   Equity dividends
                                              6 Months    6 Months       Year
                                                 ended       ended      ended
                                            31 October  31 October   30 April
                                                  2006        2005       2006
                                           (Unaudited)  (Unaudited (Audited &
                                                                 &
                                                        Restated*) Restated*)
                                                 £'000       £'000      £'000
Ordinary shares
Final dividend of 1.0p per share declared            -         652        652
10 June 2005
Interim dividend of 1.0p per share                   -           -        653
declared 7 December 2005
Final dividend of 2.0p per share declared        1,319           -          -
14 June 2006
                                                 1,319         652      1,305

The Directors are recommending the payment of an interim dividend of 1.5p per
share (2005: 1.0p). The payment will be made on 24 January 2007 to shareholders
on the register on 19 December 2006.



8.                   Basic earnings per share


The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number of
shares in issue during the period.

Details of the earnings and weighted average number of shares used in the
calculations are set out below:

                                              6 Months    6 Months       Year
                                                 ended       ended      ended
                                            31 October  31 October   30 April
                                                  2006        2005       2006
                                           (Unaudited)  (Unaudited (Audited &
                                                                 &
                                                        Restated*) Restated*)
Earnings attributable to ordinary                5,263       4,093     12,827
shareholders (£'000)
Weighted average number of shares -         66,140,614  63,717,529 64,319,615
basic
Basic earnings per share (pence)                   8.0         6.4       19.9


Adjusted earnings per share


To understand the underlying trading performance, the Directors consider it
appropriate to disclose earnings per share before and after profit on disposal
of property, amortisation of acquired intangible assets, exceptional
administrative expenses and the costs of share based payments. The calculation
of adjusted earnings per share is set out below:

                                              6 Months    6 Months       Year
                                                 ended       ended      ended
                                            31 October  31 October   30 April
                                                  2006        2005       2006
                                           (Unaudited)  (Unaudited (Audited &
                                                                 &
                                                        Restated*) Restated*)
Profit on ordinary activities after              5,263       4,093     12,827
taxation (£'000)
Post-tax profit on disposal of                       -           -    (1,803)
property (£'000)
Post-tax amortisation of acquired                  160           -          -
intangible assets (£'000)
Post-tax cost of exceptional items                 675           -          -
(£'000)
Post-tax cost of share based                        98         107        203
payments (£'000)
Adjusted profit on ordinary activities           6,196       4,200     11,227
after taxation (£'000)

Weighted average number of shares -         66,140,614  63,717,529 64,319,615
basic

Basic earnings per share (pence)                   8.0         6.4       19.9
Profit on disposal of property                       -           -      (2.8)
(pence)
Amortisation of acquired intangible fixed          0.2           -          -
assets (pence)
Cost of exceptional items (pence)                  1.0           -          -
Cost of share based payments (pence)               0.2         0.2        0.3
Adjusted earnings per share (pence)                9.4         6.6       17.4



9.                   Fully diluted earnings per share


The calculation of the fully diluted earnings per share is based on the earnings
attributable to ordinary shareholders divided by the weighted average number of
shares in issue during the period after taking account of options in issue over
the Company's ordinary shares and ordinary shares potentially issuable in
connection with the acquisition of DCML (note 17). Earnings attributable to
ordinary shareholders are adjusted in this calculation for the estimated return
on the proceeds that would arise from issuing all shares held under option.


Details of the earnings and weighted average number of shares used in the
calculations are set out below:

                                              6 Months    6 Months       Year
                                                 ended       ended      ended
                                            31 October  31 October   30 April
                                                  2006        2005       2006
                                           (Unaudited)  (Unaudited (Audited &
                                                                 &
                                                        Restated*) Restated*)
Earnings attributable to ordinary                5,302       4,138     12,913
shareholders (£'000)
Weighted average number of shares -         67,629,158  64,598,190 65,160,372
fully diluted
Fully diluted earnings per share                   7.8         6.4       19.8
(pence)


Adjusted fully diluted earnings per share


The calculation of adjusted fully diluted earnings per share is set out below:

                                              6 Months    6 Months       Year
                                                 ended       ended      ended
                                            31 October  31 October   30 April
                                                  2006        2005       2006
                                           (Unaudited)  (Unaudited (Audited &
                                                                 &
                                                        Restated*) Restated*)
Profit on ordinary activities after              5,302       4,138     12,913
taxation (£'000)
Post-tax profit on disposal of                       -           -    (1,803)
property (£'000)
Post-tax amortisation of acquired                  160           -          -
intangible assets (£'000)
Post-tax cost of exceptional items                 675           -          -
(£'000)
Post-tax cost of share based                        98         107        203
payments (£'000)
Adjusted profit on ordinary activities           6,235       4,245     11,313
after taxation (£'000)

Weighted average number of shares -         67,629,158  64,598,190 65,160,372
fully diluted

Fully diluted earnings per share                   7.8         6.4       19.8
(pence)
Profit on disposal of property                       -           -      (2.8)
(pence)
Amortisation of acquired intangible fixed          0.2           -          -
assets (pence)
Cost of exceptional items (pence)                  1.0           -          -
Cost of share based payments (pence)               0.2         0.2        0.3
Adjusted fully diluted earnings per share          9.2         6.6       17.3
(pence)



10.                Trade and other receivables
                                           31 October  31 October   30 April

                                                 2006        2005       2006
                                          (Unaudited)  (Unaudited (Audited &
                                                                &
                                                       Restated*) Restated*)
                                                £'000       £'000      £'000
Trade debtors                                  42,066      17,264     26,718
VAT                                             1,490         865        757
Proceeds from sale of property                      -           -      3,084
Other debtors                                     512         534        863
Prepayments and accrued income                  1,925         436      1,166
                                               45,993      19,099     32,588


11.                Share capital
                                           31 October  31 October   30 April

                                                 2006        2005       2006
                                          (Unaudited)  (Unaudited  (Audited)
                                                                &
                                                        Restated)
                                                £'000       £'000      £'000
Authorised
87,485,500 ordinary shares of 5p                5,000       5,000      5,000
and 12,514,500 deferred shares of
5p

Allotted, issued and fully paid
69,948,067 (31 October 2005 and 30              3,497       3,887      3,887
April 2006: 65,226,480) ordinary
shares of 5p and Nil (31 October
2005 and 30 April 2006: 12,514,500)
deferred shares of 5p

Allotments during the period


On 5 May 2006 the Group issued 721,587 new ordinary 5p shares to the vendors of
DCML Limited as part consideration for the acquisition of that company, further
details of which are given in note 17.


On 4 October 2006 the Group issued 4,000,000 new ordinary 5p shares at £3.25 per
share, raising £13.0 million before expenses (approximately £12.5 million net).
The aggregate nominal value of these shares amounted to £200,000.


Purchase of deferred shares


In order to simplify its share structure, the Group acquired 12,514,500 of its
own unlisted deferred shares of 5p each on 20 July 2006 for an aggregate
consideration of £1.



12.                Reserves


Six months ended 31 October 2006
                                       Share     Other   Retained     Total
                                     premium  reserves   earnings
The Group                              £'000     £'000      £'000     £'000
At 30 April 2006                       7,959    10,846     16,665    35,470
Profit for the period                      -         -      5,263     5,263
Dividends paid (note 7)                    -         -    (1,319)   (1,319)
Share options - value of employee          -         -        140       140
service
Deferred tax on share options              -         -       (16)      (16)
Issue of share capital                15,198         -          -    15,198
Purchase of own shares                     -       626          -       626
At 31 October 2006                    23,157    11,472     20,733    55,362



Six months ended 31 October 2005
                                        Share     Other   Retained     Total
                                      Premium  reserves   earnings
The Group                               £'000     £'000      £'000     £'000
At 30 April 2005                          410    10,846      4,824    16,080
Profit for the period                       -         -      4,093     4,093
Dividends paid (note 7)                     -         -      (652)     (652)
Share options - value of employee           -         -        130       130
service
Issue of share capital                  7,549         -          -     7,549
At 31 October 2005                      7,959    10,846      8,395    27,200

A reconciliation of reserves for the year ended 30 April 2006 is given on page
94 of the Prospectus (see note 1).

Other reserves relate to the difference of £10,846,000 between the market value
and the nominal value of shares issued as consideration for the acquisition of
Accident Exchange Limited in April 2004, where the Group has taken advantage of
Section 131 of the Companies Act 1985, and an amount of £626,000 transferred
from share capital upon acquisition of the deferred shares (note 11).



13.                Statement of changes in shareholders' equity
                                            6 Months    6 Months        Year
                                               ended       ended       ended
                                          31 October  31 October    30 April
                                                2006        2005        2006
                                         (Unaudited)  (Unaudited  (Audited &
                                                               &
                                                        Restated*) Restated*)
                                               £'000       £'000       £'000
Profit for the period                          5,263       4,093      12,827
Dividends paid (note 7)                      (1,319)       (652)     (1,305)
Share options - value of employee                140         130         290
service
Deferred tax on share options                   (16)           -          29
Issue of share capital                        15,434       7,723       7,723
Net increase in shareholders'                 19,502      11,294      19,564
funds
Opening shareholders' equity                  39,357      19,793      19,793
Closing shareholders' equity                  58,859      31,087      39,357



14.                Cash generated from operations


Reconciliation of net profit to cash generated from operations:
                                            6 Months    6 Months        Year
                                               ended       ended       ended
                                          31 October  31 October    30 April
                                                2006        2005        2006
                                         (Unaudited)  (Unaudited  (Audited &
                                                               &
                                                        Restated*) Restated*)
                                               £'000       £'000       £'000
Net profit                                     5,263       4,093      12,827
Adjustments for:
Tax                                            2,628       1,806       5,680
Depreciation                                   6,912       2,516       7,563
Loss / (profit) on disposal of plant             623          37         (1)
and equipment
Profit on disposal of property                     -           -     (2,600)
Amortisation of intangible assets                249          21          41
Non-cash employee benefit expense -              140         130         290
share based payments
Interest income                                  (2)        (88)       (118)
Interest expense                               2,534         872       2,030
Changes in working capital:
Increase in trade and other                  (9,172)     (6,327)    (11,064)
receivables
Decrease / (increase) in claims                  374     (1,857)    (10,020)
in progress
Increase in payables                           3,617       1,279       2,101
Cash generated from operations                13,166       2,482       6,729


15.                Reconciliation of net cash flow to movement in net debt

                                            6 Months    6 Months        Year
                                               ended       ended       ended
                                          31 October  31 October    30 April
                                                2006        2005        2006
                                         (Unaudited) (Unaudited)   (Audited)
                                               £'000       £'000       £'000
Increase / (decrease) in cash in              15,069       3,792     (6,448)
the period
Capital element of finance lease              23,089       6,349      22,473
payments
Net draw down of revolving credit            (5,000)           -           -
facility
Inception of bank loans                      (5,000)           -           -
Bank loan repayments                             167           -           -
Decrease in net debt resulting from           28,325      10,141      16,025
cash flows
Debt acquired with subsidiary                  (194)           -           -
Inception of hire purchase                  (40,687)    (18,688)    (59,381)
contracts
Increase in net debt during the period      (12,556)     (8,547)    (43,356)
Net debt brought forward                    (60,705)    (17,349)    (17,349)
Net debt carried forward                    (73,261)    (25,896)    (60,705)



16.                Analysis of changes in net debt

                       As at                                           As at
                    30 April             Acquisition    Non-cash  31 October
                        2006  Cash flows          of       items        2006
                                          subsidiary
                   (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
                       £'000       £'000       £'000       £'000       £'000
Cash                       -       8,604           -           -       8,604
Bank overdraft       (6,465)       6,465           -           -           -
                     (6,465)      15,069           -           -       8,604
Revolving credit           -     (5,000)           -           -     (5,000)
facility
Bank loans                 -     (4,833)        (22)           -     (4,855)
Hire purchase       (54,240)      23,089       (172)    (40,687)    (72,010)
contracts
Net debt            (60,705)      28,325       (194)    (40,687)    (73,261)


17.                Acquisition of DCML Limited


On 2 May 2006, Accident Exchange Group Plc announced the conditional acquisition
of the whole of the issued voting share capital of DCML Limited ('DCML') for a
total consideration of up to £12 million.


DCML provides business software solutions across the automotive industry, from
car manufacturers through their franchised dealers, into repairers and
bodyshops. In its audited financial statements for the ten months ended 30 April
2006 DCML reported turnover of £2.0 million, profit before taxation of £500,000
and net assets of £424,000. DCML operates from long leasehold premises in
Stockport, Cheshire and employs 27 people.


The total consideration for the acquisition is made up of initial consideration
of £8 million and deferred consideration of up to £4 million. The initial
consideration was satisfied as to £5 million in cash (raised by entering into a
6 year term loan) and £3 million by the issue of 721,587 new ordinary 5p shares
direct to the vendors of DCML at a price of 415.75p per share (being the average
of the mid market price for the five previous days prior to the announcement of
the acquisition). The acquisition was conditional on the admission of the new
ordinary shares to trading on the Alternative Investment Market, which occurred
on Friday 5 May 2006.

The deferred consideration is payable in shares or loan notes at the option of
the Group and the Directors' current estimate, based on their expectations of
DCML's performance against targets upon which the amount of deferred
consideration payable is dependent, is that the probable maximum deferred
consideration payable will be £3 million and goodwill has therefore been
determined on this basis.


All intangible assets are recognised at fair value and the residual excess of
the fair value of the consideration over the fair value of the identifiable net
tangible and intangible assets acquired is recognised as goodwill.


17. Acquisition of DCML Limited (continued)

The fair values of the assets and liabilities acquired is as follows:
                                                                 Fair value
                                                                (Unaudited)
                                                                      £'000
Intangible assets:
Customer contracts and                                                2,161
relationships
Supplier contracts and                                                1,434
relationships
Property, plant and equipment                                           449
Receivables                                                             673
Payables                                                            (1,059)
Taxation:
Current                                                                (16)
Deferred                                                            (1,068)
Cash and cash equivalents                                               556
Bank loan                                                              (22)
Hire purchase contracts:
Due within one year                                                    (79)
Due after more than one year                                           (93)
Net assets acquired                                                   2,936
Goodwill                                                              8,610
Consideration                                                        11,546

There are no differences between these fair values and the carrying value of
DCML's assets and liabilities immediately prior to acquisition, save for
intangible assets and the related deferred tax liability which have been
recognised only with effect from the date of acquisition.


The fair value of the purchase consideration is analysed as follows:
                                                                 Fair value
                                                                (Unaudited)
                                                                      £'000
Shares issued                                                         3,000
Cash                                                                  5,000
Deferred consideration                                                3,000
Directly attributable costs                                             546
Consideration                                                        11,546



The outflow of cash resulting from the acquisition is as follows:
                                                                      £'000
Cash consideration                                                    5,000
Directly attributable costs paid                                        418
Cash and cash equivalents acquired                                    (556)
                                                                      4,862



18.    Reconciliation of net assets and profit under UK GAAP to IFRS
       (unaudited)


Reconciliations of the UK GAAP profit and loss account for the year ended 30
April 2006 and the UK GAAP balance sheet at that date to their IFRS equivalents
are included in the Prospectus dated 26 October 2006, which is available from
the Group's website, www.accidentexchange.com.


i) Reconciliation of net assets as reported under UK GAAP as at 31 October 2005
to the revised net assets under IFRS as at 31 October 2005 included in this
Interim Report:
                                  Note       UK GAAP  Effect of        IFRS
                                                     transition
                                                             to
                                                           IFRS
                                               £'000      £'000       £'000
Assets
Non-current assets
Goodwill                           (a)        12,069        984      13,053
Intangible assets                                144          -         144
Property, plant and equipment      (b)        28,294      (224)      28,070
                                              40,507        760      41,267

Current assets
Claims in progress                 (c)             -      4,239       4,239
Trade and other receivables        (c)        23,338    (4,239)      19,099
Cash and cash equivalents                      3,775          -       3,775
                                              27,113          -      27,113
Non-current assets held for sale   (b)             -        224         224
                                              27,113        224      27,337
Total assets                                  67,620        984      68,604

Liabilities
Current liabilities
Financial liabilities -                     (12,072)          -    (12,072)
borrowings
Trade and other payables           (d)       (3,436)       (56)     (3,492)
Current tax liabilities -                    (3,145)          -     (3,145)
corporation tax
                                            (18,653)       (56)    (18,709)
Net current assets                             8,460        168       8,628

Non-current liabilities
Financial liabilities -                     (17,599)          -    (17,599)
borrowings
Deferred tax liabilities           (e)       (1,252)         43     (1,209)
                                            (18,851)         43    (18,808)
Total liabilities                           (37,504)       (13)    (37,517)
Net assets                                    30,116        971      31,087

Shareholders' equity
Share capital                                  3,887          -       3,887
Share premium                                  7,959          -       7,959
Other reserves                                10,846          -      10,846
Retained earnings                              7,424        971       8,395
Total shareholders' equity                    30,116        971      31,087


18. Reconciliation of net assets and profit under UK GAAP to IFRS (unaudited)
(continued)


ii) Reconciliation of profit as reported under UK GAAP for the six months ended
31 October 2005 to the revised profit under IFRS for the six months ended 31
October 2005 included in this Interim Report:

                    Note    UK GAAP  Effect of  UK GAAP  Effect of     IFRS
                               - as  change in     - as transition
                           reported accounting restated         to
                                                              IFRS
                                        policy
                              £'000      £'000    £'000      £'000    £'000
Continuing
operations
Revenue              (f)     20,651      1,816   22,467          -   22,467
Cost of sales        (f)    (9,667)    (1,816) (11,483)       (37) (11,520)
Gross profit                 10,984          -   10,984       (37)   10,947
Administrative     (a),(d)  (4,643)          -  (4,643)        379  (4,264)
expenses
Operating profit              6,341          -    6,341        342    6,683
Finance costs -               (784)          -    (784)          -    (784)
net
Profit before tax             5,557          -    5,557        342    5,899
Taxation             (e)    (1,825)          -  (1,825)         19  (1,806)
Profit for the                3,732          -    3,732        361    4,093
year from
continuing
operations

Basic earnings per             5.9p          -     5.9p       0.5p     6.4p
share

Fully diluted                  5.9p          -     5.9p       0.5p     6.4p
earnings per share



Explanation of reconciling items between UK GAAP as reported, UK GAAP as
restated and IFRS.


a) Under IFRS 3 'Business combinations' goodwill arising on acquisitions made
since 1 May 2004 is not subject to amortisation but is tested for impairment
annually and whenever there is an indication that it may be impaired. Goodwill
was tested for impairment at transition to IFRS (1 May 2004) and at each
subsequent period end (30 April 2005 and 31 October 2005) and no impairment
adjustments were identified. Non-amortisation of goodwill results in an increase
in pre-tax profits of £328,000 for the six months ended 31 October 2005 and an
increase in shareholders' equity of £984,000 at 31 October 2005.


b) Under IFRS 5 any non-current assets held for sale at the balance sheet date
are reclassified as current assets. This has no impact upon profits or
shareholders' equity.


c) The value of claims in progress has been presented separately on the face of
the balance sheet given the significance of this un-invoiced receivable in the
context of the total receivables.


d) IAS 19 'Employee benefits' requires the Group to provide the cost of holiday
pay earned by its employees but not taken as at each year end. The cost of
providing for holiday pay resulted in an increase in pre-tax profits of £14,000
in the six months ended 31 October 2006 and a reduction in shareholders' funds
at 31 October 2005 of £56,000.


e) The deferred tax adjustment results from two items. Firstly, the holiday pay
provision described under item (d) above gives rise to a deferred tax asset as a
future tax benefit is expected to accrue when the holiday pay provision is
recognised in the company's accounts. Secondly, IFRS requires deferred tax to be
provided on the difference between the share option exercise price and the
market price at the balance sheet date. As a result, the tax effect will not
correlate to the Income Statement charge. The excess of the deferred tax over
the cumulative Income Statement charge at the tax rate is recognised directly in
equity.



f) Credit repair revenues were accounted for on an agency basis during the six
months ended 31 October 2005 with the result that the net margin was credited to
revenue. Having conducted a detailed review of the risks and rewards of this
revenue stream, the Directors are now of the opinion that the Group acts as
Principal in its credit repair relationships. The Group's credit repair revenue
recognition policy has therefore been changed so that credit repair revenues and
the associated cost of sale are recognised gross. This results in an uplift to
both revenue and cost of sales of £1.8 million for the six months ended 31
October 2005.


This change in accounting policy affects the historical results as published
under UK GAAP and does not result from IFRS conversion. Accordingly, the UK GAAP
results have been restated in the profit reconciliation presented above. The
change in accounting policy is purely presentational and has no impact upon
profit or shareholders' equity.


Independent Review Report
to Accident Exchange Group Plc


Introduction


We have been instructed by the Company to review the financial information for
the six months ended 31 October 2006 which comprises the consolidated balance
sheet as at 31 October 2006 and the related consolidated statements of income,
cash flows and recognised income and expense for the six months then ended and
related notes. We have read the other information contained in the Interim
Report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.


Directors' responsibilities


The Interim Report, including the financial information contained therein, is
the responsibility of, and has been approved by the Directors. The Listing Rules
of the Financial Services Authority require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes, and
the reasons for them, are disclosed.

This Interim Report has been prepared in accordance with the basis set out in
Note 1.


Review work performed


We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the disclosed accounting policies have
been applied. A review excludes audit procedures such as tests of controls and
verification of assets, liabilities and transactions. It is substantially less
in scope than an audit and therefore provides a lower level of assurance.
Accordingly we do not express an audit opinion on the financial information.
This report, including the conclusion, has been prepared for and only for the
Company for the purpose of the Listing Rules of the Financial Services Authority
and for no other purpose. We do not, in producing this report, accept or assume
responsibility for any other purpose or to any other person to whom this report
is shown or into whose hands it may come save where expressly agreed by our
prior consent in writing.


Review conclusion


On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 October 2006.






PricewaterhouseCoopers LLP

Chartered Accountants

Birmingham

13 December 2006


Notes:


a) The maintenance and integrity of the Accident Exchange Group Plc web site is
the responsibility of the Directors; the work carried out by the auditors does
not involve consideration of these matters and, accordingly, the auditors accept
no responsibility for any changes that may have occurred to the interim report
since it was initially presented on the web site.


b) Legislation in the United Kingdom governing the preparation and dissemination
of financial information may differ from legislation in other jurisdictions.





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