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Helphire progressing in line with expectations

A pre-close trading update this morning reports accident management business Helphire as making "satisfactory progress" through the challenging economic conditions, and predicts full year profits will be in line with expectations.

The group, which recently secured an exclusive contract with Toyota Finance, warns its growth is slowing as the market is maturing, with an overall 29% increase in hire cases for the full year.

"If the economic environment remains challenging in the near future and fuel prices remain high, motoring activity and therefore growth in the use of credit hire may slow," its statement added.

Its focus continues to be on efficiency, profitability and cash generation, and Helphire is striving to improve cash collection by increasing resources targeted at claims outstanding beyond 90 days.

It hopes changes to its processes and terms of business will accelerate payment by insurers, and the implementation of a new claims handling system, Expedite, is expected to bring efficiency savings in the next financial year.

Helphire's preliminary results announcement is due on September 23 for the year ended June 30, 2008.

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