AGM Statement (1014T)

TIDMACS

RNS Number : 1014T

AI Claims Solutions PLC

01 December 2011

Ai Claims Solutions PLC

("Ai" or the "Company")

AGM Statement

At our full year results announcement in September the board noted confidence in Ai's resilient operating model, but cautioned on weak economic conditions and reduced accident frequencies.

Since then, as has been reported elsewhere across the motor claims market, we have continued to see accident frequencies below historical levels, although broadly in line with our cautious planning assumptions. We had however expected numbers to recover some of the shortfall from November onwards but, in line with most businesses in the UK, we are now more pessimistic about economic recovery than we were in June.

We have also witnessed a reduction in average replacement hire periods from 18 days last year to 16 days, which is lower than we forecast. Whether volume and consequently hire periods return closer to more normal volumes during the traditional busy winter period will prove critical to our ability to meet market forecasts, but we are planning on the assumption that they will not do so. We will of course have a much clearer view of this by the time of the interim results.

In a positive note we maintain our tight focus on our balance sheet and I am pleased to report that we have achieved further successes on block settlement, where sums totalling GBP5m with a number of insurers will be received before 31 December 2011. The settlements will again be achieved with no diminution in the carrying value of receivables. We expect our outturn for borrowings to be lower than market forecasts.

I am also pleased to report the appointment to the Board, with effect from 13th December, 2011 of Simon Pook, who joins us as Chief Operating Officer. Simon was previously Managing Director - Claims at Homeserve where he successfully implemented significant changes to claims handling processes.

For further information, please contact:

 
 Ai Claims Solutions plc 
 David Sandhu                     0844 571 3108 
 Peter Harrison                   0844 571 3200 
 
 Shore Capital & Corporate Ltd 
 Dru Danford / Stephane Auton     0207 408 4090

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGMDKKDBABDDCDN

AI Claims Solutions (LSE:ACS)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024