31st Mar 2005 07:00
Helphire Group PLC31 March 2005 Date 31 March 2005 Helphire Group plc Trading Update Contacts Michael Symons/Mark Jackson Helphire Group plc 01225 321 205 Chris Steele 07979 604 687 Binns & Co PR 020 7786 9600 [email protected] In advance of its year-end, the Company is pleased to announce that trading inthe last quarter of the financial year has been broadly in line with itsexpectations, despite motor claims in general below their usual levels for thistime of year. The business volume outturn for the year will be in excess of70,000 hires including the contribution from Albany RTA. The consensus analystforecast for the year is for sales of £115m with a profit before tax, goodwillamortisation and exceptional items of £14.3m which are in line with theCompany's expectations. On 25 February 2005, it was reported that a sale and leaseback in respect of theBath Pinesgate call centre facilities had been completed. The sale priceachieved of £17.7m resulted in an exceptional profit of £6.4m. As a result of areview of charges relating to goodwill associated with previous acquisitions,namely Countrywide, MPP, 1st Automotive and e-register, it has been decided, indiscussion with our auditors, to impair the goodwill held on the balance sheetby £1.5m. This will be reflected as an exceptional charge resulting in a netexceptional profit of £4.9m. The Board is confident in the Company's prospects for the coming financial year,given both the healthy pipeline of new business prospects and the significantorganic growth being seen in a number of existing key accounts. Similarly,operational benefits resulting from an internal review and the integration ofAlbany are progressing well. We have now completed the move into the newpremises and the associated infrastructure development, and have our newcapacity in place. Michael Symons, a founder and current Executive Chairman of the Company, hasdecided to retire from the Board at the end of June following thirteen yearswith the Company. The Company is therefore currently seeking a successor to thisposition on a Non-Executive basis. Michael J Symons said: - 'I have thoroughly enjoyed my thirteen years working with the Company since itwas founded in 1992. I feel that I am leaving the Company in very good shape andwish all my colleagues the very best for the future' Ends This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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