Chief exec remains positive over cost base reductions

Helphire has axed 900 staff since the beginning of the year, it revealed in a trading statement.

Another 350 redundancies were expected by the end of the year, it said.

The job losses are all part of the accident management firm’s cost-cutting programme.

Helphire also reported a 22.5% drop in case volumes.

Helphire said the drop for the four months ending on 31 October, compared with the same period last year, was in line with expectations.

Group managing director Martin Ward sounded an upbeat note, saying: “We are seeing the group’s cost base reduce substantially and our competitive positioning strengthen. ABI cash collection remains a key focus as we continue to reduce the number of open cases and deal with the legacy claims. We plan to make further progress to achieve our desired state, but overall we remain encouraged by the results to date.”

In October, Helphire announced it had plunged deep into the red, with an annual pre-tax loss of £149m for the year ending 30 June.