Speedy Hire recovery continues

Plant hire specialist Speedy Hire said it narrowed half yearly pre-tax losses and is confident of meeting expectations for the full year.

Speedy said it had an encouraging start to the new financial year with overall performance in line with expectations.

Pre-tax loss reduced to £2.3m for the six months ended 30 September compared to a loss of £13.8m the year before. Revenue for the period slipped to £161.8m from £177.3m the year before.

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EBITDA rose to £29.8m from £24.9m while underlying pre-tax profit came in at £4.8m compared to a loss of £9.9m a year before.

Commenting on the results, chairman Ishbel Macpherson said she was pleased to report a continued recovery in challenging times.

"Our strategy of aligning ourselves with stronger customers and market segments, focusing on our core activities and driving improved efficiency is ongoing. As a result, the board is confident of the group meeting its expectations for the financial year."

The interim dividend remains unchanged at 0.2p.

Net debt fell 32% to £77m as at 30 September from £113.9m in March 2011.

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