Helphire Group PLC AGM Statement

 
TIDMHHR 
 
27 November 2013 
 
                         Helphire Group Plc ('Group') 
 
                                 AGM Statement 
 
At today's AGM, Avril Palmer-Baunack, chairman of Helphire Group plc will be 
making the following statement by way of an update on current trading of the 
business in respect of the period from 1 July to 27 November 2013. Unless 
otherwise stated, the financial and operational data, where identified, relates 
to the 4 month period that ended on 31 October 2013. 
 
Current Trading 
 
The Group's new financial year has begun well. Trading profits for the first 
four months of the year are ahead of the corresponding period last year. Early 
indications are that this trend has continued during November and the Board is 
confident about the Group's prospects for the financial year as a whole. 
 
Cash generation has continued to be positive and debtor days at 31 October 2013 
were in accordance with our expectations at 128 days, reflecting seasonal 
variations (30 June 2013: 126 days) and compare to 153 days at 31 October 2012. 
Net cash was GBP4.3 million at 31 October 2013, (30 June 2013: net cash of GBP1.1 
million), and compares to net debt of GBP101.0 million at 31 October 2012. 
 
As previously reported, the refinancing of the Group that was completed on 28 
March 2013 has put the Group on a much stronger footing and has raised the 
Group's stature in the marketplace. As a consequence, the Group is being 
invited to participate in an increasing number of commercial and other 
opportunities which, if consummated, could provide a platform for more 
significant growth in the future. 
 
Autofocus 
 
The Group has made good progress in the preparatory stages of the Autofocus 
litigation and we have now identified several thousand cases that may have been 
compromised as a result of unreliable evidence used by defendant insurers. 
These cases are going through due process, which will allow the Group to 
represent its losses to insurers. Subject to being satisfied that we have 
identified the full extent of our losses, we expect to begin settlement 
negotiations with insurers over the coming months. We intend, where possible, 
to resolve matters with insurers without litigation. It would not be 
appropriate to speculate on the outcome of any negotiations at this stage, but 
we will provide an update when we are able to do so. 
 
Dividends 
 
The Group paid a first interim dividend for the year to 30 June 2014 of 0.110 
pence per ordinary share (approximately GBP1.7 million in aggregate) on 25 
October 2013. A total of GBP4.3 million has been paid in dividends since the 
completion of the refinancing in March 2013. 
 
In the absence of unforeseen circumstances, the Board intends to announce a 
second interim dividend for the current year as part of its announcement of 
results for the six months ending 31 December 2013. The Board expects the 
second interim dividend to be 0.171 pence per ordinary share (approximately GBP 
2.7 million in aggregate). 
 
The Group's dividend policy is unchanged since the refinancing and remains to 
distribute as much of the Group's profits by way of dividend as it can, taking 
account of prevailing circumstances and other requirements or commitments. 
 
For further information, contact: 
 
Helphire Group plc                         01225 321134 
Martin Ward, Chief Executive Officer 
Stephen Oakley, Chief Financial Officer 
 
Cenkos                                     020 7397 8900 
Ian Soanes 
Max Hartley 
 
Square1 Consulting                         020 7929 5599 
David Bick 
Mark Longson 
 
 
 
END