Speedy Hire Posts Pre-Tax Loss for Fiscal 2011

U.K.’s largest rental company Speedy Hire plc, this week reported a pre-tax loss for the fiscal year ended March 31 of £27 million (about U.S. $43.6 million), compared with a loss of £22.8 million in fiscal 2010.

However, full-year adjusted EBITA rose to £8.3 million, compared with £8 million a year ago. Annual revenue totaled £354.2 million (about U.S. $572 million), a 0.9-percent increase compared with £351.1 million a year ago.

Chief executive Steve Corcoran expressed confidence that fiscal 2012 will be better because of improving rental rates, increasing demand and a more efficient cost base. He said that the sale of the company’s accommodation rental business will help the group recover.

Speedy Hire is based in Newton-le-Willows, Merseyside, U.K.

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