Helphire growth less profitable

Accident management assistance company Helphire has announced that its turnover rose ten times faster than its profit last year, with turnover up 39.5% and pre-tax profits up just 3.9%

The figures to 30 June 2008 include:

• Adjusted profit before tax of £46.8m (2007: £45.0m; +3.9%)
• Statutory profit before tax of £43.0m (2007: £40.3m; +6.9%)
• Revenue of £404.9m (2007: £290.3m; +39.5%)
• Recommended final dividend of 5.8p – full year 12.3p (2007: 11.0p; +11.8%)
• Replacement vehicle cases 191,763 (2007: 148,340; +29%)
• Delivered 4.7m car hire days (2007: 3.4m; +37%)
• Weighted average age of outstanding claims reduced by 14%
• Package of measures introduced to significantly reduce debtors including: significant enhancement of litigation capacity, imposition of interest on claims after 90 days, operational improvements
• Successful placing and open offer to raise £42.7m (net of expenses) completed in September

Rodney Baker-Bates, chairman, said: “Helphire has been able to report a respectable result for the year to 30 June 2008, despite upward pressure on costs and the slowdown in motoring activity. Owing to the generally difficult economic environment, trading conditions in the early part of the new financial year have remained challenging. A range of measures has been implemented to improve the Group’s cash flow and we are confident that we will see substantial benefits in the year ahead.”