19 May 2010 – annual results

Speedy Hire, the UK’s largest provider of tools and equipment for hire, has announced results for the year to 31 March (see www.speedyhire.plc.uk/news).  These revealed a fall in turnover as expected although the group also reported an adjusted loss before tax of £6.2m, a slightly worse result than predicted.  Net debt fell to £119.3m thanks to the rights issue during the year, but current trading remains difficult.  The market is likely to remain uncertain until the new government gives guidance on its plans for public spending.  At the moment the shares are a HOLD.