Aug 2010 this was 35p - yet now it's 2.6p

Anyone understand this, or was the earlier sp too much "hope" -
I understand the other hire co Ashtead is down also.
Any views - ?

May help if I have the right comp, as you said there were two.




Tuesday 23 August 2011
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KPMG finds 27m hole in Helphire books
Helphire has confirmed a 27m shortfall on its balance sheet and made fresh writedowns on parts of its business following an investigation by KPMG auditors.
By Jamie Dunkley
6:15AM BST 28 Jun 2011
1 Comment
The company said the accounting blunder occurred after the company overstated the amount of money it was owed by insurance companies.

Helphire Group

The error was first disclosed last month when the company issued a profits warning, blaming "material" errors in its accounts. At the time, Helphire said the shortfall was likely to be about 25m.

Helphire rents replacement vehicles to motorists while their own cars are repaired or replaced following accidents. Having rented out the replacement vehicle, Helphire attempts to recover the cost from the insurance of the driver deemed to be at fault.

The company has suffered as insurers resist paying for the hire cars. In a statement yesterday, the group admitted that it would be making a new 14m writedown on the value of its Credit Repairs business.

Richard Rose, group chairman, said: "That this error arose is a matter of huge disappointment to the board who have been working for more than two years to deliver change and stabilise the business.

Related Articles
Helphire admits 25m accounting error blunder
06 May 2011
Helphire profits warning, accounting errors
06 May 2011
"During the last two and a half years, management have completely re-engineered the operation, consolidating five separate claims systems to one for new business and from four operations centres to two. Annual overheads have been reduced by over 60m and net debt has been reduced by in excess of 200m since December 31, 2008, whilst the quality of new business taken on has been greatly improved."

News of 27m accounting error was greeted with relief by investors as shares in the company rose 0.03 to 3.53p.

Shares in Helphire have fallen by more than 91pc over the last year meaning its largest investor Invesco Perpetual, led by star fund manager Neil Woodford, now has a holding worth just under 3.5m. One year ago Invesco's 29.81pc investment would have been worth about 37.5m.

Last year, Helphire claimed that the benefits of its turnaround plan were "self evident" as it cut overheads and debt.

Since unveiling its business recovery plan in March 2009, the group's management team has reduced its operational working capital by 146m and managed to cut its net debt by 26m to 139m in the year ending May 31, 2011

Found this as well, should be read before post 2.




Helphire dives on profits warning, accounting errors
Helphire Group, the company that supplies replacement vehicles to car owners involved in accidents, said it had uncovered "material" accounting errors and issued a profits warning.
9:32AM BST 06 May 2011
Comment
Shares in the company tumbled 55pc in early trading in London.

Helphire Group

Helphire said in recent weeks it had seen a reduction in hire length. This had hit revenues and the company now expects profits for the year to June to be "significantly below market expectations".

It also said trading condition had become more difficult with people using their cars less.

"The effects of record high petrol prices and the general economic climate have continued to contribute towards lower road miles being driven (down by 2.1pc for 2010 compared with 2009), resulting in lower accident rates," Helphire said in a interim management statement.

Figures from the Association of British Insurers show that motor claims in 2010 fell 8pc and Helphire believes this has continued in the first quarter this year.

The company said a restructuring of the business had resulted in the discovery of an accounting error that overstated the value of some of its debtors.

"Preliminary findings are that the overstatement could be approximately 25m, which would represent approximately 15pc of the group's receivables at 31 December 2010," Helphire said.

The board has engaged KPMG to assist in identifying the cause of the error and the size of the overstatement

The company signs the accounts off at the end of the day. OUCH

FWIW I think this co is between rock and hard place... On one side their rates have to be attractive and on the other the insurers can nail the profits down as there are alternatives - Car hire isn't exactly an exclusive idea .. . . . so at the end of the day what does this co have that pushes profits above others..?

I suspect v. little. . . . . and as to "...Public using their cars less..." . . . . there are car-share schemes in Cities - why don't they offload any surplus stock to that duty? - they can be recalled at any moment and in between whiles they are able to get a fee. Also being somewhere near the City would mean their "parking charges" are covered since some days the customer is paying to park, wherever they go.

At least the cars would be going, so the battery is charged and so on.

Otherwise I see this going belly-up.
Oh dear, wash my mouth.

Things are looking better for the last couple month, so time to take a closer look as the volume went places today .........

Reasons to KEEP an EYE

Closing price 2.79p ( 2.64 / 2.94p ) +0.50p

Large volume and on the bounce after the last retracement from 3.75p. Late last year Chairman is back at the helm saying: "I am pleased to return to the Board as Chairman and look forward to taking the business forward and returning value for all stakeholders."

Interim Management Statement / 6/11/2012
“the Group's financial year has begun well and the first three months show a continuing improvement with the Group recording a trading profit against a significant trading loss during the corresponding period last year.”

Good to see Helpire (HHR) are back on the radar of city traders and journalists.

Telegraph: Market Report (p34) by Ben Martin
Saturday, 19th January 2013

Elsewhere in the London market, some were hoping the snowy weather would give a lift to motor accident management group Helphire.

Shares in the small capper, which provide cars for motorists involved in acidents, put on 0.2p (7%) to 3.07p, with traders speculating that the recent cold snap would increase demand for the company's services. Helphire said in November that the winter has a "significant weighting" in trading.

Up over 50% since xmas.

Off over 20% on results.

+ 0.42p

Slowly is recovering after the move down after the large open offer @ 2.50p.

It looks like investors were selling the shares in order to take up the open offer. Tomorrow is the last day to take it up, so most likely the sells have stop and the share price is slowly recovering.

Share holders sold the shares to take up the open offer at 2.50p, that took the share price well down
and close to the open offer but now it has settle as the offer was closed on the 15th

Share price bouncing from 50% Fibonacci retracement
Some large buys from time to time are taking place

The bounce is again on today

Some large trade 24M got the shares on the move

Heading back to 4p..?

Touced 5p .

Chart is looking good mitzy, I think I'll have some of these tomorrow morning !

Watch the gap.

Final results next month - Financial Calendar

Next stop 15p if they can breakout.

Straining at the leash now !

We should get an update on the Autofocus insurance payout when the results are announced, reportedly worth £millions.

Could be a great recovery play this - mind the gap!

You mean - mind the gap! :-)

Thank you skinny - I need to get better at posting charts! I like that blue line there.:-)

Accidents involving 100 car pile-ups, as happened in Kent yesterday, are going to happen more frequently in this country. The roads are over crowded and there are far too many 18 year-old boy/girl racers on four wheels trying to emulate Louis Hamilton, it's a recipe for disaster - bad news for the emergency services and A&E, but good news for HHR.

I imagine 10p at some point.

to new highs today

and a follow through this morning 5.77p now

Results due any day now.

Final Results

Operational and financial headlines

· Adjusted* operating profit of £8.0m (2012: £1.4m)
· Adjusted* profit before taxation of £4.3m (2012: loss of £4.1m)
· Adjusted* basic EPS 1.25p (2012: EPS 1.13p loss)
· Net cash inflow from operating activities of £31.2m (2012: £21.1m)
· Net cash inflow to EBITDA ratio of 197.7% (2012:140.7%)
· Debtor days reduced to a record 126 days from 165 days
· Net cash of £1.1m (2012: net debt of £110.8m)
· Open case count reduced by a further 10,000 cases to 39,000 cases
· Return to dividend list - special dividend for the year of 0.165 pence paid on 24 July 2013
· First interim dividend for 2014 declared of 0.110 pence and payable on 25 October 2013
· £4.3m in dividends paid or declared since raising £25.6m in March 2013 placing

Commenting on the Group's results and prospects, Martin Ward, Chief Executive Officer, said:



"We are pleased to report that the business has completed some significant changes to its financial structure, business model and cash profile during the year. The Group is now generating cash, is profitable and has shareholders' funds of over £77m. Significantly, we have returned to the dividend list with total dividends of £4.3m paid or declared. This is an outcome of the implementation of a number of changes made to build a more sustainable business model which has better secured the margins in the business as well as a renewed confidence from our long-standing shareholders who supported our financial restructuring plans in March 2013. Our people have played an important part in driving this change and we look forward to making further improvements going forward.



In a market that has remained challenging and competitive against a background of falling national accident rates our focus on providing a quality service to all of our Partners and their customers has been a key driver in our goal for success. The improvements in our operational systems and processes together with the efficiency and transparency achieved when presenting claims to insurers has also contributed to reducing debtor days to a record 126 days which is probably one of the best in the industry."

On the road to recovery with these results - mind the gap on skinny's chart, post 24!

From Paul Scott:

Helphire management pulled off a remarkable turnaround, somehow persuading the Bank to write off a large chunk of the bank debt, plus they have drastically reduced debtor days, and pretty much fixed all the other legacy issues (e.g. surplus properties), and even resumed dividends. I was expecting about £7.5m underlying profit, but they have delivered £8.0m, so these results are good.

With 1.561m shares in issue by the year end, following a Placing, you need to be careful when looking at EPS, because that has been calculated using a weighted average number of shares of 653.8m for basic EPS, and 780.1m for diluted. So you cannot just take the 1.25p basic EPS and say that it's on a PER of 4.5, at 5.6p per share, since that would give a misleading result for the future, given the larger number of shares now in issue.

I cannot find any broker forecasts for the current year, so it's not the easiest share to value at the moment. However, the way I look at it, is that in a turnaround year they made an underlying profit of £8.0m, so there should be upside on that figure going forwards. Also, it is now completely debt-free, including vehicle finance, and paying dividends again, so taking that all into account the market cap of £87m at 5.6p per share doesn't look expensive to me.

Debtor days are at a record low of 126 days, since Helphire now work collaboratively with insurance companies. Indeed I note that their largest shareholder is Aviva. Another dividend has been declared, for 0.11p which goes ex-divi on 9 Oct 2013. The strength of the Bal Sheet is now such that I would expect another special dividend in due course.

There is further upside from the eventual settlement of the Autofocus dispute, where insurers relied on false data on hire pricing rates, and are now liable to pay compensation to companies such as HelpHire. I am not sure of the likely amount there, but it's just icing on the cake, and some of the figures being talked about are pretty substantial. So all in all, it looks like a solid hold to me, although I am keen to see some up-to-date broker research, if anyone has any.



I see that the market is not really sure how to react to the Helphire figures, and after initially being up, the shares are now down 11% to just over 5p. I think that is a pretty good entry price actually - perhaps some investors have been spooked by all the exceptionals (none of which were new though, all previously disclosed), or the outlook statement?
- See more at: http://www.-.co.uk/content/small-cap-value-report-27-sep-hhr-77637/#sthash.hqLsscNF.dpuf

Director Shareholders

Hawk Investment Holdings Limited* 17.95%
Raymond McKeeve 2.20%
David Wright 1.68%
Brian Blasdale 1.10%
Gene Golembiewski 0%
* A Company beneficially owned by Bob Morton and his wife.

Other Shareholders

Hargreave Hale 11.18%
Graham Herring 5.59%
Gary Wyatt 4.75%
Michael Richards 3.55%

Looks ready to bounce from here.

On the move now, immediate target 6p - and then there's a nice gap!

Something has sparked this off now - tipped somewhere?

Almost there .

AGM Statement

At today's AGM, Avril Palmer-Baunack, chairman of Helphire Group plc will be
making the following statement by way of an update on current trading of the
business in respect of the period from 1 July to 27 November 2013. Unless
otherwise stated, the financial and operational data, where identified, relates
to the 4 month period that ended on 31 October 2013.

Current Trading

The Group's new financial year has begun well. Trading profits for the first
four months of the year are ahead of the corresponding period last year. Early
indications are that this trend has continued during November and the Board is
confident about the Group's prospects for the financial year as a whole.

Cash generation has continued to be positive and debtor days at 31 October 2013
were in accordance with our expectations at 128 days, reflecting seasonal
variations (30 June 2013: 126 days) and compare to 153 days at 31 October 2012.
Net cash was £4.3 million at 31 October 2013, (30 June 2013: net cash of £1.1
million), and compares to net debt of £101.0 million at 31 October 2012.

As previously reported, the refinancing of the Group that was completed on 28
March 2013 has put the Group on a much stronger footing and has raised the
Group's stature in the marketplace. As a consequence, the Group is being
invited to participate in an increasing number of commercial and other
opportunities which, if consummated, could provide a platform for more
significant growth in the future.

Autofocus

The Group has made good progress in the preparatory stages of the Autofocus
litigation and we have now identified several thousand cases that may have been
compromised as a result of unreliable evidence used by defendant insurers.
These cases are going through due process, which will allow the Group to
represent its losses to insurers. Subject to being satisfied that we have
identified the full extent of our losses, we expect to begin settlement
negotiations with insurers over the coming months. We intend, where possible,
to resolve matters with insurers without litigation. It would not be
appropriate to speculate on the outcome of any negotiations at this stage, but
we will provide an update when we are able to do so.

Dividends

The Group paid a first interim dividend for the year to 30 June 2014 of 0.110
pence per ordinary share (approximately £1.7 million in aggregate) on 25
October 2013. A total of £4.3 million has been paid in dividends since the
completion of the refinancing in March 2013.

In the absence of unforeseen circumstances, the Board intends to announce a
second interim dividend for the current year as part of its announcement of
results for the six months ending 31 December 2013. The Board expects the
second interim dividend to be 0.171 pence per ordinary share (approximately £
2.7 million in aggregate).

The Group's dividend policy is unchanged since the refinancing and remains to
distribute as much of the Group's profits by way of dividend as it can, taking
account of prevailing circumstances and other requirements or commitments.

£60M Placing to Fund Strategic Growth and Notice of GM

£60M PLACING TO FUND STRATEGIC GROWTH

Introduction

The Board of Helphire is pleased to announce that it has conditionally raised
£60 million (before expenses) by the proposed issue of 1,153,846,160 Ordinary
Shares at 5.2 pence per share. The net proceeds of the Placing of approximately
£57.5 million will be used to allow Helphire to continue its development as a
leading accident management services group.

The Placing is conditional upon, among other things, the approval of
Shareholders at the General Meeting. A circular relating to the Placing
containing a notice convening the General Meeting is expected to be posted to
Shareholders today.

Background and reasons for the Placing

Helphire's financial position has improved markedly through its refinancing,
which was completed in March 2013, and improved trading. The Group's financial
position has been transformed, it has returned to profitability and it has
recommenced dividend payments. Helphire is now in a position to grow its
business and intends to use the net proceeds of the Placing to fund its
strategic growth plans.

The Group is firmly established as a leader in the motor vehicle accident
management market. For many years the Group has provided its customers with a
comprehensive replacement vehicle and repair service, managed incidents for its
customers and arranged personal injury legal services for them. Using ABS
licensed entities, the Group intends to develop a top tier UK personal injury
legal services business in order to provide a comprehensive range of services
to its referral partners. The Group is actively considering acquiring
additional businesses in the accident management supply chain, including (but
not limited to) legal businesses, in order to build its presence in the market
more rapidly and has identified a shortlist of potential targets.

Dividends

The Company has decided to accelerate the date for payment of the second
interim dividend for the current year so that it is paid by reference to the
pre-Placing shareholder register. The second interim dividend will be paid on
10 January 2014 to those Shareholders on the register at the close of business
on 13 December 2013.

In addition, in the absence of unforeseen circumstances, the Board intends to
announce a third interim dividend for the current year in late February 2014 as
part of its announcement of results for the six months ending 31 December 2013.
Any third interim dividend will be payable in March 2014.

Placing

The Placing is not underwritten, but the Placing Shares have been conditionally
placed by Cenkos Securities, as agent for the Company, with institutional and
other investors in accordance with the terms of the Placing Agreement.

The Placing Agreement is conditional upon, among other things, certain
resolutions being passed at the General Meeting, Admission of the Placing
Shares becoming effective before 8.00 a.m. on 24 December 2013 (or such later
time and/or date as the Company and Cenkos Securities may agree, but in any
event by no later than 8.00 a.m. on 7 January 2014), the performance by the
Company of its obligations under the Placing Agreement and the satisfaction or,
where appropriate, the waiver of certain other conditions set out in the
Placing Agreement.

Subject to Admission, the Company will issue 1,153,846,160 Ordinary Shares to
raise £60 million before the expenses of the Placing (approximately £57.5
million after expenses).

The Placing Shares will represent approximately 42.3 per cent. of the Enlarged
Share Capital. The Placing Shares will, following Admission, rank in full for
all dividends and distributions declared, made or paid in respect of the issued
Ordinary Share capital of the Company by reference to record dates falling on
or after their date of issue and otherwise rank pari passu in all other
respects with the Existing Ordinary Shares. The Placing Shares will not qualify
for the second interim dividend.

The Placing Price represents a premium to the closing mid-market price of 0.2
per cent. per Ordinary Share as at 4 December 2013 (being the latest
practicable date prior to the date of this document).

Dividend Declaration Payment of Second Interim Dividend

Accelerated Payment of Second Interim Dividend

In connection with the Group's proposed fundraising, which was announced today,
the Group has decided to accelerate the payment of the second interim dividend
for the current year so that it is paid by reference to the pre-placing
shareholder register.

On 27 November 2013, Helphire indicated its intention to announce a second
interim dividend for the current year with the publication of its results for
the six months ending 31 December 2013 and that the Board expected the second
interim dividend to be 0.171 pence per ordinary share (approximately £2.7
million in aggregate).

The Board confirms that the second interim dividend will be 0.171 pence per
ordinary share and that it will now be brought forward so that it is paid on 10
January 2014 to those shareholders on the register at the close of business on
13 December 2013.

In addition, in the absence of unforeseen circumstances, the Board intends to
announce a third interim dividend for the current year in late February 2014
when releasing its results for the six months ending 31 December 2013. Any
third interim dividend will be payable in March 2014.

Henderson Global Investors > 5%

Moore Europe Capital Management, LLP > 8%

Invesco Limited > 29%

Zooming ahead today.

Trying 6p again and then the gap.

Tipped in the Sunday papers.

Break-out.

Uncrossed @6p

Looks great this morning.

6.30p earlier - an almost 3 year high.

Interim results

Financial headlines
· Adjusted* operating profit of £4.2m (2012: £3.1m)
· Adjusted* profit before tax of £4.2m (2012: £0.5m)
· Debtor days reduced to seasonal record low of 135 days (2012: 155 days)
· Total cash balances of £75.7m
· Net cash of £62.0m (2012: net debt of £95.3m)
· Shareholders funds £136.6m (2012: £10.7m)
· Adjusted* basic EPS 0.307 pence (2012: 0.147 pence)
· Statutory basic EPS 0.340 pence (2012: 0.046 pence)
· Planned third interim dividend of 0.054 pence declared making 0.335 pence for the period (2012: nil)

Operational headlines
· Credit hire cases at 47,000 cases; (2012: 52,000)
· Open case count reduced by 18% to 37,000 cases (2012: 45,000 cases)
· Cases >120 days reduced by 24% to 19,000 cases (2012: 25,000 cases)
· Revenue generating fleet utilisation maintained at 82% (2012: 82%)
· Protocol case settlement with insurers continuing to grow for mutual benefit

Acquisition of the New Law group of companies

N+1 Singer Buy 7.00 7.80 8.70 Retains

Doing well today.

At its highest price since the gap from May 2011.

Trading Statement

Current trading exceeding expectations

The Board of Helphire Group plc ('Helphire' or 'the Group') is pleased to
announce that the encouraging start to the second half of the Company's
financial year that we reported on 27 February 2014 has strengthened further
and trading for the third quarter of the financial year has exceeded the
Board's expectations.

Trading results for the New Law group of companies for March 2014, the first
month following completion of the acquisition on 28 February 2014, were also
higher than internal expectations, giving the Board further cause for
encouragement. This acquisition has been well received in our marketplace and
has given rise to a number of potential additional opportunities for the Group
to pursue.

Cash collections during the period since 31 December 2013 have continued to be
strong and, as a consequence, statutory debtor days at 31 March 2014 in the
historical Helphire businesses were reduced to 128 days compared to 135 at 31
December 2013 and 140 at 31 March 2013, and further reductions are expected.

Net cash balances (net of fleet financing) were £33.0 million at 31 March 2014
(£8.7 million excluding the residual net proceeds of the December 2013 share
placing). This compares with comparable net cash at 31 December 2013 of £62.0
million (£4.4 million excluding the residual net proceeds of the December 2013
share placing). The company has also paid net dividends totalling £4.2 million
in the three months to 31 March 2014.

Commenting on the Group's thirdquarter trading, Martin Ward, Chief Executive
Officer said:

"The changes to the business model implemented over the last few years together
with our focus on operational excellence and quality, leading to a consistent
high customer satisfaction rating, has underlined a strong performance that has
exceeded our own expectation. Our strategy is to grow and develop our position
in the insurance marketplace and to seek out opportunities to broaden our
service offering. The acquisition of New Law in February this year is a major
step to supporting our aims and we continue to press for further market
opportunities that enhance value whilst retaining a strong reputation for
delivering quality services."

On edit :-


it's name change tomorrow to Redde plc

and 1 for 10 Share Consolidation 27 May 2014 - subject to tomorrow's resolution being passed.

Result of General Meeting

New Thread