Profits pour in.

Speedy Hire profits pick up

Published:  08 October, 2010

MERSEYSIDE: Tool hire firm Speedy Hire is on track to meet its full-year profit expectations despite a first-half operating loss, provided it maintains momentum in a traditionally stronger second half, the company said today.

The firm also said it would take a £1.7m charge related to the collaspse of social housing firm Connaught.

That charge does not include the potential impact of lost future revenues. Speedy Hire had assumed it would get £1.7m in revenue from Connaught over the rest of its financial year and said it did not know how much, if any, business it would retain with the group's new owners

"Although now trading profitably, the group expects to report a first half operating loss before amortisation and exceptional items," Speedy Hire said.

"The board confirms that the group is currently trading in line with its expectations for the full year in respect of adjusted profit before tax.

"These expectations are however dependent on the business maintaining momentum into the traditionally stronger second half of the year and, in particular, delivering a strong recovery in the last quarter of the financial year."

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