LONDON (Thomson Financial) - Accident Exchange Group PLC, which provides
accident management services to automotive and insurance companies, said
third-quarter rental day activity rose by 11.9 pct compared with the second
quarter.
The company said it currently has 9,263 cases with solicitors with a total
claim value of 53.7 mln stg, against 47.9 mln stg at Oct 31, 2007.
It said the 2007 Enforceability Challenge held the company back from
expanding distribution relationships with insurers, resulting in a fall in
margins "in the short term," it said.
Progress in realigning the fleet to better reflect demand will help offset
the margin reduction, it added, while not specifying a time frame.
It has made good progress since the issue of the convertible loan notes in
January, the company said, adding that it was optimistic that the performance
indicators will continue to improve.
It sees improved cash flows through operational efficiency, the company
added.
TFN.newsdesk@thomson.com
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