LONDON (ShareCast) - Accident Exchange's results for 2008 will meet expectations with the vehicle replacement group also reporting improved cash collections in recent weeks.
Accident, which supplies cars to people involved in no fault accidents, said daily cash collections continue to improve as a consequence of both improved traction from the solicitor panel established during 2007 and evolving discussions with insurers in respect of prompter settlement to avoid the incremental expense of litigation.
Average daily cash receipts rose from £476,000 per working day over the three month period to 31 January 2008 to £588,000 per day over the 7 week period to 17 March 2008 and are now running at £642,000 per day.
Accident also said rates are expected to increase by 3.5% for all new hires commencing on or after 1 June 2008.
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