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Helphire grows pre-tax profits

Helphire has grown pre-tax profit to £28.4m in the last 15 months against £17.2m in the previous year.

Turnover is up 95% to £231.4m against £118.4m, including a £10.9m contribution from Swift Rentacar, the prestige credit hire business, which it bought in September 2005.

Hire volumes increased by 55% to 133,170, credit repair cases grew 66% to 49,236 and personal injury cases grew by 69% to 32,933.

“Levels of interest from insurers continue to increase with most major motor underwriters now beginning to use services such as those we provide or investigating the possibility of doing so,” says chief executive Mark Jackson.

“Growth in the business continues to be strong and our market continues to expand as credit hire services are utilized more widely. While this leads to increased competition, it also leads to increased awareness and opportunity, and the board’s confidence in the future is high.”

Last month AM reported that Helphire had established an Automotive Division Salesforce tasked with building its credit hire business. It will offer packages to dealerships in which Helphire manages the repair process, provides replacement vehicles and organizes repairs through a sub-contracted bodyshop.

It is also preparing an estimate request service, where a call centre will handle claims as a dealer-branded service.

The plc has changed its financial reporting period to better compare its half-year periods in reflection of the increased business achieved during winter.

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