Profits shattered at accident-claim handler Helphire
The wheels fell off accident-claim handler Helphire after it was forced to issue a profit warning.
The Bath-based firm said both revenues and full-year profits will be down, sending shares spiralling 28 per cent to close at 21.5p.
It blamed the fall on high fuel prices and the good weather, which meant motorists suffered fewer crashes.
Bad crash: Helphire was forced to issue a profit warning
Helphire provides cars to ‘blameless’ drivers, arranging repairs and legal proceedings for any injuries.
The firm almost went bust in 2008 at the height of the recession after losing its biggest customer, Acromas – owner of AA and Saga.
Since then two chief executives have gone, two rescue fundraisings took place and 1,200 staff lost their jobs.
A major restructuring was hailed a success earlier this year, but yesterday boss Martin Ward said he was hopeful business would pick up over the traditionally busier winter period when crashes increase. But pre-tax profits are likely to be around £13.9million compared with analyst predictions of around £21million.
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