31st Mar 2016 07:24
LONDON (Alliance News) - Tool and equipment hire company Speedy Hire PLC said Thursday it has decided to write off GBP45.0 million value of acquired goodwill as a non-cash exceptional item in its full year results, as it announced Interim Finance Director Chris Morgan has been appointed to the position on a permanent basis.
Speedy Hire said the decision to write-off the value of the acquired goodwill came after a review of the carrying value of intangible assets.
In its update on the year to end-March, the hire company said it expects full year adjusted pretax profit in line with market expectations and net debt to come in broadly in line with the previous year end.
Speedy Hire added Chris Morgan will join the board as an executive director on April 1, after being appointed to the finance director position on a permanent basis. Morgan was appointed interim finance director on December 3.
Shares in Speedy Hire were down 7.6% at 35.34 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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