Speedy Hire Plc posted a first-half pre-tax loss of £13.8 million (about U.S. $21.9 million) in its interim results, compared with a £13.6 million loss for the same period a year ago. Adjusted pre-tax loss widened to £9.9 for the first half ended Sept. 30, compared with £4.8 million for the same period a year ago.
Revenues declined 4 percent to £177.3 million (about U.S. $282 million).
Nonetheless, Speedy Hire management was bullish on the company’s prospects for improvement. “U.K. revenues, average hire rates and volume trends are now showing progressive improvement,” said David Wallis, Speedy chairman. “Although market conditions remain challenging, with our strong balance sheet, market-leading position and closer alignment with growth markets, the business continues to be well placed both to benefit from the actions taken to reduce operating costs and to capitalize on market recovery. In particular, the Group’s onsite facilities on the Olympics project, recent contract wins in construction and non-construction markets, growing international presence and developing non-hire activities provide grounds for confidence for the future, especially as these are now supported from a more efficient operating base.”
Speedy Hire is based in Newton-le-Willows, Merseyside, U.K.