AGM Statement
(Thomson Reuters ONE) - Issue Date: 27 November 2009 AGM Statement Contacts Martin Ward / Ian Wardle Tel: 01225 321134 Gayatri Barua-Howe Tel: 01225 321175 Helphire Group plc College Hill Tel: 020 7457 2020 Roddy WattThe following statement is an update following the Company's InterimManagement Statement that was issued on 16 November 2009 and will beread out immediately before the start of the Company's AGM at 11.00this morning."The key update since our last Interim Management Statement on 16November 2009 is that we have now reached agreement with asignificant at fault insurer to fix the cost of our hire services inreturn for improved payment terms. This is in addition to pilots thatare already being undertaken with other at fault insurers. In totalthe number of cases under pilot or agreement would representapproximately 13.5% of our new cases going forward. This willultimately reduce frictional operational costs in the business modeland shorten the cash cycle. Management intends to explore fixed dealopportunities with at fault insurers where there are mutual costbenefits and improved case processing.Case management around older claims and cash collection remain afocus and priority and the number of cases being sent to litigationis rising where in house recovery has been unsuccessful. Where casesare sent to litigation this does have the effect of delaying cashrecovery, although settlement rates tend to be better than thoseachieved in house.Our new business prospect pipeline continues to grow in line withmanagement expectations and we expect to convert some of theseprospects over the next few months."- Ends -About Helphire Group plcHelphire Group plc is a market leader in the provision of accidentmanagement assistance to drivers involved in road accidents that werenot their fault. Working with the UK's top insurance companies, itsservices include provision of like for like replacement vehicles,financing of vehicle repairs, legal expenses and the management ofpersonal accident claims.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.11.2009 - 08:02 Uhr
Sprache: Deutsch
News-ID 8928
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