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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 £386.8 million, and pretax profit was £29.1 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 £13.2 million in the six months that ended September 30 from £14.3 million in the same period last year. Revenue increased by 14% to £212.4 million from £186.6 million.
Current stock price: 30.89 pence each, down 4.5% on Wednesday around midday in London
12-month change: down 41%
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