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Helphire hopeful of halting the decline

Accident management group Helphire has reported that credit hire lengths continue to show a decline year-on-year.

In its update for the third quarter trading to April it said conditions are unchanged and overall results for the period are in line with the board's expectations.

"Whilst recent indications are that the rate of decline may have slowed, it is too early to evaluate if the hire period has stabilised," its statement added.

The group saw net debt (including fleet financing) reduced by £7.9 million, from £132.4 million to £124.5 million, in the three month period from 31 December 2011 to 31 March 2012.

Following rival Accident Exchange's legal actions against former Autofocus employees and the re-opening of cases said to have been wrongly decided in favour of insurers due to Autofocus's alleged fraudulent hire rates evidence, Helphire applied to the Court in March 2012 to issue an action allowing the company access to data from Autofocus's liquidator.

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