15th Apr 2015 07:40
LONDON (Alliance News) - Speedy Hire PLC on Wednesday said it expects revenue for its recently-ended financial year to be in line with market expectations and for adjusted pretax profit to be slightly ahead, as it makes progress on its UK business and enters talks on the sale of its oil and gas services arm.
The equipment rental and plant hire services company said it expects revenue for the year to end of March to be in line with market expectations, with adjusted pretax profit to be slightly ahead of market expectations.
The group's new distribution centre in Tamworth is now open and its programme to create a national network of multi-service centres and superstores has been completed ahead of schedule, it said. It is now in the process of re-profiling asset holdings and redistributing assets across its network in order to improve asset utilisation and operational efficiency in the new financial year.
Speedy also said it has completed its withdrawal from the general hire sector in the Middle East, having incurred substantial losses in the business in the past, with its offices in Egypt and Qatar closed and the Oman business sold.
Its newly-restructured oil and gas services unit managed to achieve break-even in March, Speedy said, and it is how entered talks with a potential buyer of the unit.
By Sam Unsted; [email protected]; @SamUAtAlliance
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