Still motoring
| Fairpoint's shares fell yesterday due to concerns over how proposals in the Chancellor's Autumn Statement could affect the performance of its consumer legal services operation. As per today's company statement, there is no impact on expectations for the current year or FY16. The Chancellor referred to an intention to reform "the compensation culture around minor motor accident injuries." However, the immediate FRP share price reaction seems to overlook that: - the timing of any implementation, currently planned for April 2017, will not affect immediate results - all relevant work-in-progress in our forecasts will be concluded well before this deadline - any changes are still subject to detailed consultation More injuries will have access to the small claims court, due to a planned increase in the upper limit for these claims from £1,000 to £5,000. This has been a 'hot' topic of legal debate for some time and Fairpoint is well-positioned operationally post its recent acquisition of Colemans LLP and its Legal Processing Centre. Fairpoint thus believes it is well prepared to ''take advantage of any changes'' having already reviewed the implications of the possible new price bandings and how it can structure its own processes to maintain competitive strengths. |
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