Accident Exchange (Epic Code ACE) is a provider of replacement vehicles to motorists involved in accidents where they are not at fault. It specialises in the high margin prestige end of the market, and appears to be gaining market share in a growing marketplace.

Key Points are:

Full-year results show the company is growing
rapidly, albeit from a small base. Sales rose fivefold
during the year to 4.1m, and pre-tax profits registered
a near six-fold increase to 1.14m.

The current financial year has got off to a very good
start, with activity levels exceeding management
expectations by a significant margin.

Net debt at the year-end of 3.9m, giving a gearing
figure of 212% relates almost entirely to spending on
new vehicles so is asset backed. We expect gearing to
be down to 161% at end-April 2005 and to 107% at
end-April 2006.

Almost two-thirds of the companys business is with
companys that subscribe to the ABI GTA terms of
agreement, reducing the overall risk profile.

On the key financial metrics of fleet utilisation, gross margin
and ROC, Accident Exchange ranks at or near the best of its
peer group. On a PER of 9 times for the current y/e April 2005
falling to under 7 times 2006 earnings, based on conservative
estimates, the company looks attractively priced in comparison
to its peer group.

The current financial year has got off to a very good
start with excellent activity levels. Fleet numbers are
up to 330 vehicles, against our y/e April 2005
forecast of 385, the annualised run rate on sales is
currently 10m, and the annualised run rate on pretax
profit is 3m.

This company clearly has a very promising future
ahead of it.

Website:
http://www.accidentexchange.com/

Reseach Notes:
http://www.accidentexchange.com/research/EdisonOutlookNote-June04.pdf
http://www.accidentexchange.com/research/HardmanNote-June04.pdf

I understand the Telegraph have rated them as a buy today hence the steep mark-up.

Numis have upped their target price to 4.00, expect other upgrades to follow.

capa

Anyone else noticed that cracker of a trading statement today ?

Looking for a good run up to results now.

capa

Breakout !!

Should see rise into results from here imo

capa

Going like the clappers this week, went through 4 like a hot knife through butter

Results were impressive but not sure whats happening at the moment, not complaining mind you.

capa

ACE has certainly crash big time

FOR IMMEDIATE RELEASE 8 January 2008


Accident Exchange Group Plc
(the "Company" or the "Group")

ISSUE OF #50.0 MILLION 5.50% CONVERTIBLE NOTES DUE 2013
("Convertible Notes")

Following the Extraordinary General Meeting held on 31 December 2007, at which
all resolutions required to issue the Convertible Notes in physically settled
form were approved, the Company has today issued #50.0 million 5.50%
Convertible Notes due 2013 in denominations of #50,000. Morgan Stanley & Co.
International plc has acted as lead manager for the offering of the Convertibles
Notes. The net proceeds to the Company, after estimated expenses of
approximately #4.0 million, will be approximately #46.0 million and will be used
to repay #5.0 million of the Company's existing secured debt, to provide
additional working capital facilities and to fund the projected growth of the
Group. The Group also retains its existing secured and committed working
capital facilities of #40.0 million.

The Convertible Notes constitute senior, unsubordinated, direct, unconditional
and unsecured obligations of the Company
Some very good news today, and they have also declared an interim dividend of 1p.
Could be the start of a considerable rerating after an horrendous year last year.
Hopefully all the problems are now behind them.
Cheers.

Apparently the FT today has snippet re possible bid around 100p - does anyone have the info to hand?

seems pretty quiet here - whys no one jumping on this share - @27p has to be a bargain - im in for the ride up...

or for the the ride down = head-on smash = scrap yard

Sell them.

33% down this morning they will miss H1 profit.

recovering now -15% but making profit non the less - just not a smuch as expected...

Good recovery.

These could multi bag or go to 6/7p I wonder which..?

does anyone know whats behind the recent rises - quite spectacular

Obviously 6p lol..

4p now

2p is my target.