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 !