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Prime Markets in the Press - Helphire (HHR)

01/10/2010

Shares in Helphire Group (HHR.L) jump 13.5 percent after the British accident-claim handler posts a swing to a full-year adjusted pretax profit, helped by cost cuts, but remains cautious about trading due to unfavourable market conditions.

For the year ended June 30, Helphire's pretax profit before items was 13.9 million pounds, compared with a loss of 5.2 million pounds. Adjusted revenue fell 19 percent to 304.2 million pounds, mainly on lower hire cases.

"Helphire Group has delivered a comprehensive turnaround in fortunes over the past year ... Although Helphire have pointed out that trading conditions are currently less than favourable, the financial restructure and reduction in net debt alone should warrant a substantial re-rating for the shares," says Richard Curr, head of dealing at CFD broker Prime Markets.

"Helphire currently offers genuine value as a turnaround recovery play, a factor the market has seemingly yet to take into account," says Curr, with Prime Markets repeating a "buy" stance with an initial price target of 45 pence on the stock.

Reuters

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