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Helphire raises £60m from shares to fund growth

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Helphire has announced it has raised £60 million before expenses by issuing 1,153,846,160 Ordinary Shares at 5.2 pence per share.

The net proceeds of approximately £57.5m will be used to allow Helphire to continue its development as a leading accident management services group

This follows Helphire Group’s results for the year ending June 30, following its business and finance restructuring.

Operating profit increased to £8.0m (2012 £1.4m) and its net cash inflow from operating activities rose to £31.2m (from £21.1m in 2012). Its open case count reduced from 49,000 to 39,000 cases and its debtor days have been reduced from 165 to a record 126 days.

This business performance has carried through four months into trading year 13/14 with trading profits already ahead of this time last year according to the recent 26 November AGM. Early indications are this performance has continued during November and cash generation has continued to be positive. The Board is positive about the group’s prospects for the new financial year as a whole.

Martin Ward, chief executive of Helphire said: "This fundraising is a very positive step for Helphire, building upon the group's recent successes. We are very pleased such strong support has been shown for our plans to develop Helphire's business and enhance the range of accident management services we provide to our customers."

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