5th Apr 2023 12:19
Speedy Hire PLC - Merseyside-based tools hire services firm - Expects to report pretax profit for the year ended March 31 in line with the board's expectations. Also expects revenue to be up about 14% annually. In financial 2022, revenue was GBP386.8 million, and pretax profit was GBP29.1 million. However, Speedy Hire warns that there has been "some" softening of demand in recent weeks. Also notes that its external investigation into the issue identified with non-itemised assets, including a review of controls and accounting procedures, continues to progress. Expects to report net debt at the year end of less than £94m.
The company expects to announce its final results for the financial year on June 6.
Back in November, Speedy Hire said its pretax profit fell to GBP13.2 million in the six months that ended September 30 from GBP14.3 million in the same period last year. Revenue increased by 14% to GBP212.4 million from GBP186.6 million.
Current stock price: 30.89 pence each, down 4.5% on Wednesday around midday in London
12-month change: down 41%
By Xindi Wei, Alliance News reporter
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