25.11.2009

Speedy down 28%

UK based Speedy Hire has released its first half results for the six months to the end of September, which show total revenues of just under £185 million, a fall of 28 percent on the same period last year. The net effect was a pre-tax loss of £13.6 million, including a one off charge fro write downs and restructuring of £6 million.

The company says that it has now made savings that are equivalent to £80 million a year. Cash flow during the period was up 34 percent on last year which helped reduce net debt to just £135 million, 51 percent lower than at the same time a year ago.

Spending on rental equipment was £11.7 million, while disposals were £22.7 million.

Chairman David Wallis said: "Although the outlook for UK construction remains uncertain in the short term, the group remains well positioned in the market place, 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. In addition, encouraging progress has been made in capitalising on the business's major client relationships in order to expand its presence in overseas markets and in non-hire services."