Struggling specialist accident-claim handler Helphire today insisted it is on the road to recovery after plummeting into serious losses.
The Bath-based group revealed a pre-tax loss of £3.6m in the second half of last year against a £1.1m profit in the equivalent period in 2010. Revenues halved to £112.9m as a result of the fallout from a Government review of its market and tougher trading conditions.
Net cash inflow from operating activities fell from £14.8m to £10.8m.
The company works with the insurance and motor industries to provide replacement vehicles to motorists involved in accidents,
Chairman Avril Palmer-Baunack, appointed last year as part of a major boardroom shake-up, said today: “It has been a challenging period for the group and the focus has continued to be towards delivering further working capital improvements and reducing debt from operating cash flow and improving group performance, customer service and our reputation in the marketplace.
“I am pleased to report that despite the recent difficulties, the group has maintained a leading position in the marketplace and has not only retained its existing important client base, but has also been successful in securing new business, as well as achieving a further reduction in debt.”
