Plant hire firm says coalition鈥檚 Autumn spending review would be critical to future of business
Plant rental firm Speedy Hire said today that turnover had fallen marginally this year and that it continued to take a 鈥渃autious鈥� view of any potential recovery in the market.
In a first quarter trading update to the firm鈥檚 AGM, chairman David Wallis said group revenues 鈥� excluding fleet equipment sales 鈥� were 0.7% down on the same period last year, in line with expectations.
Likewise, revenues in the firm鈥檚 UK & Ireland Asset Services division, which produces 95% of its turnover, was 鈥渙nly slightly behind the same month in the prior year.鈥�
However one of its training contracts within the Branded and Advisory division has been deferred.
In addition the firm said that the future of the business would be 鈥渃ritically鈥� determined by the outcome of the UK Government鈥檚 Autumn Spending Review. Wallis said: 鈥淚n view of the uncertainty around these areas, we continue to take a cautious view about recovery prospects in the UK for the remainder of this year and next and continue to position the business accordingly.鈥�
The firm spent 拢3.5m 鈥渆nhancing鈥� its banking facilities since the start of its financial year in April. It will report interim results on November 17.
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