Turnover at Helphire Group for the six months to September 30 rocketed by 47% to £29.2 million from £19.8 million for the same period last year, while pre-tax profits were up 30% to £2.06 million (1998: £1.58 million). Revenue for its subsidiary Angel Assistance, which provides legal expenses cover, grew 243% to £2.25 million (1998: £0.67 million.). Shares have soared from about £1 since launch to more than £3 since its flotation in 1997, but this hides a three for one share offer in July which brought the price down from £12, where it was felt to be 'psychologically too high'.
It will continue its current round of acquisitions next year, paid for by an increase in its debt facility and £35 million in extra funding. Helphire's success has spurred a number of rivals to go to the stock market looking for investment to fund expansion, including Alpha Accident Management, which has raised £3.8 million by floating on the Alternative Investment Market.