Speedy Hire, the U.K.’s largest equipment rental company, reported an estimated 29 percent decline in revenues for the six months ended Sept. 30, saying there is still “significant uncertainty” in the current economic environment.
Speedy officials said they see no sign of improvement in private sector spending. The Haydock-based rental company has cut 6 percent of its workforce in its current calendar year, about 270 jobs.
The company added that volume from the 50 largest U.K. contractors continued to be more resilient than the wider market, with revenue from that segment accounting for 26 percent of revenue, compared with 21.5 percent a year ago.
The company said earnings before interest, tax and amortization would be in line with expectations.
