Helphire raise £60million to fund growth

Thursday, December 12, 2013 - 14:00
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SHARES: Helphire raise £60million

Helphire are looking to grow quickly after raising almost £60million before expenses by issuing 153,846,160 Ordinary Shares at 5.2p per share.

The net proceeds of approximately £57.5million will be used to allow the accident management services company to continue their development.

This follows Helphire’s positive financial results for the year ending June 30, 2013, following their business and finance restructuring.

Operating profit increased to £8.0million, with net cash inflow from operating activities rising to £31.2million.

Their open case count reduced from 49,000 to 39,000 cases and their debtor days have been reduced from 165days to a record 126days.

Martin Ward, Chief Executive Officer 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.”

Image courtesy of Images of Money, with thanks.