Helphire accident credit hire company has reported yearly adjusted operating profits of £21.4 million – up from £4.7m for the previous 12 months.
For the year ended June 30, adjusted profit before tax was £13.9m (2009: £5.2m loss), and statutory post-tax profit of £3.6m (2009: £135.3m loss).
Martin Ward, group managing director, 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.”
Net debt was further reduced by £77.7m to £162m.