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Accident Exchange sees end of year in line with expectations

Daily cash collections have improved at Accident Exchange, which this morning in a pre-close statement said its results for the year to April 30 2008 are expected to be in line with expectations.

The credit hire and accident management company reports that it is benefitting from prompter settlements following work by its solicitor panel and evolving discussions with insurers wanting to avoid expensive litigation.

The business provides prestige courtesy vehicles on a like-for-like basis to victims of non-fault accidents, and reclaims its costs from the third party insurer.

It reports that its average daily cash receipts has improved from £476,000 in January to £588,000 in March and has improved further to £642,000 over the subsequent eight week period.

"The board is confident that this increasing trend of cash collection will continue," said its statement.

Hire rates will increase by 3.5% from June 1 following the end of a review of the ABI General Terms of Agreement.

Accident Exchange has been appointed by Bentley to implement its global body repair and paint programme.

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