And the firm expects to convert some of these prospects over the next few months.

The firm said a key update since its statement on 16 November was that it had reached agreement with a significant at fault insurer to fix the cost of its hire services in return for improved payment terms.

It said this was in addition to pilots that were already being undertaken with other at fault insurers.

In total the number of cases under pilot or agreement would represent approximately 13.5% of its new cases going forward.

It said case management around older claims and cash collection remained a focus and priority and the number of cases being sent to litigation was rising where in house recovery had been unsuccessful.

It added: "Where cases are sent to litigation this does have the effect of delaying cash recovery, although settlement rates tend to be better than those achieved in house."

Story provided by Business Financial Newswire