9th Oct 2020 13:05
(Alliance News) - Speedy Hire PLC on Friday noted increased levels of activity as revenue improved, although it was still down compared to the year prior.
The provider of tools and equipment hire said trading for the half year ended September 30 was in line with expectations with group revenue anticipated to be around 20% lower than the prior year.
Revenue has continued to improve through the period as activity levels have increased, the company said however.
In September, core hire revenue in the UK and Ireland was approximately 7% lower than the prior year.
Net debt at September 30 was around GBP60 million, down from GBP79.3 million at March 31, reflecting lower capital expenditure spending and continued strong cash collections in the first half.
Going forward, the company said the situation surrounding Covid-19 is likely to remain uncertain and guidance will subsequently remain suspended.
Results for the period are due on November 18.
Speedy Hire shares were down 1.5% at 53.00 pence each in London on Friday afternoon.
By Greg Roxburgh; [email protected]
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