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Helphire loses major contract

Accident management firm Helphire reports that it stands to lose a fifth of its current credit hire volumes from the withdrawal of referrals from the AA and Saga.

In a statement to the stock market this morning, Helphire revealed the pair's parent, Acromas Holdings, has issued notice of termination as a referrer.

Business referred by Acromas represents 11% of Helphire's turnover and 22% of its vehicle hires.

However Helphire said two other referrers representing 30% of its hires have been renewed for two years.

The group remains focused on cashflow and debt, it said, and has reduced debts by £51m to £99.2m.

It warned investors that it would record £82m in exceptional charges for the second half of its financial year ended June 30 2009.


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