Pre-tax profit of £3.6m, adjusted to £1.6m
Accident management company Helphire cut more than 400 jobs in the second half of 2010, with further cuts planned.
The company’s interim results, for the period ending 31 December 2010, revealed a headcount reduction of 408 jobs in line with the company's restructure plans.
The report said further small reductions in headcount and overheads will continue in the second half of the current financial year.
Helphire announced a pre-tax profit of £3.6m, adjusted to £1.6 after exceptional items.
Net debt was reduced by 11.5% for the period, down to £143.3m from $162 reported in June 2010.
The company reported an adjusted group operating revenue of £126.5m for the period ending 31 December 2010, down 17% on the £152.2m it made for the same period in 2009.
Helphire said this was due to lower hire case volumes following the cessation of partner referral contracts, the weaker trading activity experienced in the first quarter, lower volumes in associated credit repair and personal injury activities and the loss of revenues related to sold or discontinued businesses.
Helphire’s managing director, Martin Ward said: “The restructuring and consolidation projects across the Group have been broadly completed and we are now a smaller, more efficient and more tightly managed business, well placed to deliver profitable business and generate positive net operating cash flow."
"Following the slower start to the financial year, trading remains in line with our expectations and the second half is generally a stronger period. The macro environment remains challenging however, it is clear that Helphire is now much better positioned to remain a leading player in its core marketplace,” Ward added.
In October 2010, the company shed 669 staff. This followed more than 900 job cuts in 2009.
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