Helphire reports ВЈ149m loss: RV Term Truck Calculator and Car Insurance UK: Latest Events

Helphire reports ВЈ149m loss

Helphire has posted a full-year pre-tax loss of Ј149 million for the 12 months to 30 June.

Adjusted operating profit before tax fell 90% to Ј4.7 million, down from Ј55.4 million last year.

The company, which supplies replacement vehicles to drivers whose cars are being repaired following an accident, blamed the loss on non-cash exceptional charges.

In addition, the firm was hit by a difficult economic climate and the falling value of its vehicle fleet.

The loss is compared to a pre-tax profit of Ј43 million in 2007-08, and comes alongside a 9% fall in revenues, down to Ј368.5 million.

The number of drivers using Helphire services fell 2.5%, and average hire lengths decreased.

To deal with reduced demand, Helphire sold nearly 4,000 vehicles, contributing to one exceptional charge of Ј7.7 million.

The firm reduced its net debt by Ј122.8 million to Ј239.5 million.

Richard Rose, chairman, said his turnaround plan for the firm has reduced debt and improved cash recovery.

“Despite the economic situation, the underlying market for our service remains strong and, whilst insurers have historically resisted settling of cases, we are seeing more engagement with insurers in shaping a way forward that eliminates frictional costs”, he said.

Martin Ward, managing director, added that the turnaround plan is running ahead of schedule.

“We believe we have aligned Helphire properly within the marketplace and are ahead of our plans both in terms of timescale and quantum, having positioned it to operate profitably and cash positively as we embark upon the more forward-looking phases”, he said.

Adding: “The current year has started with trading in line with our expectation and we are continuing to generate operating cash.”

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Helphire reports ВЈ149m loss

Category Car Insurance UK: Latest Events

Car Insurance UK: Latest Events

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