Helphire posts £59m half-year loss
Accident claim handler Helphire has posted its half-year results with a pre-tax loss of £59.3 million despite turnover increasing 10%.
Revenues for the six months to 31 December 2008 increased 10.3% to £202.9 million, but despite this the company reported a diluted loss per share of 32.9p.
Operating profit dropped 66% to £8.9 million, compared to £25.9 million in the year ago period.
Lower vehicle usage due to higher fuel prices deteriorated the company’s profit margin, it said in a statement.
The news comes less than a month after the company announced plans to lay off 130 employees in a bid to cut costs by £5 million.
Three board members and former chairman Rodney Baker-Bates formally resigned yesterday.
Richard Rose, chairman, said: “Despite the very challenging current trading environment, the recent changes to the Board and executive team provide Helphire with the leadership skills and experience required to progress the Group’s restructuring plans.
“The management team is currently focused on addressing the issues that require immediate action.
“Whilst there is clearly a great deal to do, I am confident that we are now well placed to improve the Group’s performance and progressively improve returns to shareholders.”
Category: Financials, Insurance News
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