15th Nov 2007 07:02
Helphire Group PLC15 November 2007 Interim Management Statement 07/07/07 to 14/11/07 DTR 4:3 The following statement will be read at the Company's AGM tomorrow, 15thNovember 2007 at about 1100 hours. Trading Business levels remain in line with budget and during the first four months ofthe current financial year more than 1,394m credit car hire days were generated(2006: 0.913m) - growth of 53%. The number of credit hire cases processed duringthe period was approximately 56,800 - an uplift of 39% whilst the number ofrepair and PI cases were approximately 24,100 and 11,200 demonstrating growth of49% and 21% respectively. Since 1 July 2007, 6 new key accounts have commenced referring cases to theGroup's business units. A further 2 branches have been opened increasing the number of depots in thenetwork to 29. The fleet continues to grow in line with business activity and asat 12 November 2007 stood at 19,200 vehicles (2006 12,300) - growth of 56%. The new fleet database system is now operational and will bring benefits inasset management. The second phase of the system incorporates electronicsignature technology to process hire agreements electronically and GPStechnology to coordinate delivery and collections so as to maximise logisticefficiencies. The business relationship with CS2 Lawyers Limited - which commenced in August2007 has performed in line with expectations and will play an important role inenhancing the Group's personal injury related income streams. Market developments The Group's offering to the insurance market continues to expand withsignificant growth in the number of standard hires from 1900 in 2006 to 4600 in2007: a growth of 142%. These hires fulfil the obligations of insurers in theevent of a fault accident or theft, where a replacement vehicle is provided.Whilst such business is transacted at lower margins this developmentdemonstrates enhanced cooperation between Helphire and the insurance industry. Financial position As at 12 November 2007, the Group's net indebtedness stood at approximately£300m of which £204m relates to finance leases and loans relating to vehicles.Consequently the level of indebtedness excluding vehicles amounted to £96m. Between 16th and 25th October 2007 Sanne Trust Company Limited (trustee of theGroup's Employee Share Ownership Trust), funded by the Group purchased 1,470,633of the Group's shares at an average price of 373p to satisfy its obligation withrespect to long term incentive schemes which will vest between 3rd November 2010and 3rd November 2017. Interim results The Group's interim results will be announced in February 2008. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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