RERMAG

Speedy Drops 27.9 Percent for Six Months

Revenue for Speedy Hire dropped 27.9 percent for the six months ended Sept. 30, posting £184.8 million (about U.S. $308.1 million), compared with £256.4 million for the same period a year ago. The U.K.’s largest rental company posted an adjusted loss before tax of £4.8 million (about U.S. $8 million), compared with £23.8 million profit a year ago.

“Although the outlook for U.K. construction remains uncertain in the short term, the group remains well positioned in the marketplace, having taken aggressive steps to reduce further both its net debt and cost base, as well as driving through a number of initiatives to extend its competitive advantage and market-leading position,” said Speedy chairman David Wallis. “In addition, encouraging progress has been made in capitalizing on the business’s major client relationships in order to expand its presence in overseas markets and in non-hire services.”

Speedy said in its regulatory filing that the company expects to break even at an adjusted profit before tax level for the second-half period. The company expects year-over-year monthly revenue declines to narrow after November.

Speedy is based in Newton-le-Willows, Merseyside, England.

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