Helphire turns loss into profit

Helphire has announced a near five-fold rise in operating profit of £21.4m, from just £4.7m last year and reported a post-tax profit of £3.6m compared with a £135.3m loss last year, but is still making no dividend announcement.

It said its turnaround had trimmed down the firm, with open cases reduced to 81,700, from 109,000. It said it had cut debtor days by seven days to 219 days. Net debt had been cut by £77.5m to £162.0m.

Financial Highlights (2009 in brackets)

• Adjusted operating profit £21.4m (£4.7m)
• Adjusted profit before tax £13.9m (£5.2m loss)
• Statutory post-tax profit £3.6m (£135.3m loss)

Managing director Martin Ward said: "This year's results clearly demonstrate the continued turnaround of the group under the ongoing recovery plan. Adjusted operating profit is in line with expectations, debtor cash collection has improved, working capital reduction has exceeded targets and direct operating cash inflow has greatly increased.

"As we approach the conclusion of our restructuring programme, the realigned business is well-positioned to operate profitably and cash positively going forward and to pursue new opportunities, but only where these offer acceptable profit margins and working capital requirements."