Helphire reports pre-tax loss

Helphire has reported its annual financial results for the year ended 30 June 2012, during which it made an operating loss of £0.7m.

The year also saw the firm record adjusted operating profits of £1.4m, less than half the £3.4m it made during the previous year.

Before taxes, Helphire made an annual loss of £6.3m, but the firm did reduce its net debt by £22.9m to £110.8m.

Chairman Avril Palmer-Baunack said that she was pleased with the progress the firm had made towards developing a sustainable, underlying business model.

Palmer-Baunack went on to say that, whilst volume and demand had remained resilient in the firm’s operating environment, the length of hire had declined, from 18.7 days to 16.4 days, which had a detrimental impact upon Helphire’s gross margins.

The firm’s financial results tally with those it reported on a preliminary basis last month.

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Category: Financials, Insurance News