Bath-based specialist motor accident-claim handler Helphire today said its recent acquisition of a law firm specialising in road traffic personal injuries had paid off more than it expected.
It also said a full-scale shake up of its core business, which plunged into heavy losses two years ago following major changes in its market, had progressed ahead of plan. 
Helphire snapped up the NewLaw group in in February. The Cardiff firm, which also has a small office in Bristol, provides consumer-related services such as wills and probate and provides medical reports, costs drafting and employment law advice as well as personal injury work.
In a trading update today Helphire said trading results for the New Law group for March – the first month following completion of the acquisition – had been higher than internal expectations.
“This acquisition has been well received in our marketplace and has given rise to a number of potential additional opportunities for the group to pursue,” it said.
Cash collections since December 31 had continued to be strong and, as a consequence, statutory debtor days at March 31 in the historical Helphire businesses were reduced to 128 days compared to 135 at December 31 and 140 at March 31 last year.
Further reductions are expected.
Commenting on the group’s third quarter trading, chief executive Martin Ward said: “The changes to the business model implemented over the last few years together with our focus on operational excellence and quality, leading to a consistent high customer satisfaction rating, has underlined a strong performance that has exceeded our own expectation.
“Our strategy is to grow and develop our position in the insurance marketplace and to seek out opportunities to broaden our service offering.
“The acquisition of New Law in February this year is a major step to supporting our aims and we continue to press for further market opportunities that enhance value whilst retaining a strong reputation for delivering quality services.”
By mid-afternoon Helphire’s shares had risen by more than 4% on the day – or 0.25p – to 6.39p.
