Firm blames weak first half and 鈥檆orporate failures鈥� for a half-year pre-tax loss of 拢13.8m

Equipment rental firm Speedy Hire recorded a 拢13.8m pre-tax loss and a 4% dip in revenues for the six months to 30 September.

This is only 拢200,000 more than the 拢13.6m loss the company posted in the same half year in 2009, but last year the figure included a 拢6m charge for restructuring the business.

Overall, Speedy鈥檚 pre-tax loss before exceptional items has widened from 拢7.6m in 2009 to 拢12.7m this year.

Revenue fell from 拢177.3m to 拢184.8m, a fall of 4.1%.

In the statement Speedy blamed a 鈥渨eak鈥� first half of the year and 鈥渃orporate failures鈥�. In October Speedy announced that it would lose 拢1.7m after being hit by the collapse of social housing firm Connaught.

It said: 鈥淎fter weakness in the early part of the year, the recent UK trading environment is more encouraging, with quarter on quarter growth in revenues, volumes and average hire rates seen over the last three quarters.  It is not however without its challenges, particularly in respect of corporate failures in the construction sector.鈥�

Chairman David Wallis will step down at the end of the year, and be replaced by Ishbel Macpherson, Speedy鈥檚 senior independent director.

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