Troubled Bath firm HelpHire back in profit
Accident management company HelpHire is back in profit.
The Lower Bristol Road firm has revealed a pre-tax profit of £153,000 for the six months to 31 December 2012 in its interim results.
This is good news for the company, which reported a £6 million loss at the end of its last financial year.
However, its turnover has dropped to £109.9 million from £112.9 million in 2011.
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Chief executive Martin Ward, said: “As a board we are pleased to be able to report a return to profitability which is an outcome of the implementation of a number of changes made to build a more sustainable business model, which has better secured the margins in the business.
“Our key performance indicators demonstrate that the business has moved forwards considerably in delivering effective underlying operational and financial improvements in a market that has remained challenging and competitive. Our focus on providing a quality service to all of our partners and their customers is a key driver in our goal of continued success.”
The return to profit comes as the company announced plans to raise £25.6 million through refinancing. It said it would use the money towards repaying £23 million of the company’s existing debt.
HelpHire has also joined the AIM, the London Stock Exchange’s international market for smaller growing companies.
Chairman of HelpHire, Avril Palmer-Baunack, said: “I am very pleased that we have been able to announce the refinancing, which completes the restructuring of HelpHire. The group is now performing well at the operating level and the refinancing of all of the group’s debt puts us in a strong position to consolidate and improve the group’s financial performance.
“We are grateful to the investors who have supported our fundraising and to our lenders for their constructive role in the refinancing and we look forward to rewarding their commitment to the group.”
In 2010 HelpHire axed around 1,200 jobs, many in Bath. It also closed its call centre in the city concentrating its operations in the north of England.