The UK’s largest tool and equipment rental company, Speedy Hire, last week said its outlook for the year remained in line with expectations, although it was cautious about its short-term prospects because of uncertainty about construction activity. Speedy said its net debt has been reduced by £48 million (about U.S. $79.3 million) to about £247 million at the end of June and that it continued to operate within covenants.

Speedy said it is planning expansion in the Middle East and has agreed to a deal to provide support services firm Carillion Plc’s joint venture Al Futtaim Carillion with equipment, asset management and support services. Speedy officials said the Middle East offers long-term growth opportunities and expects the deal to provide a platform to extend services to other Middle East companies.