Speedy Hire does well in UK but overseas arm falls short

12th Feb 2014 08:28

Plant hire group Speedy Hire announced higher UK revenue but said its international business was falling short of expectations.Speedy Hire also said it expected shortly to announce the outcome of investigations into alleged accounting irregularities in the overseas business.The company said third quarter revenue in its UK and Irish business rose 3.3% against a year ago as it won significant contracts and began work on deals secured earlier in the financial year.Speedy Hire is building a new management team in its international business, which has been hit by the discovery of a number of apparently mis-stated accounting ­balances in the international division.The findings sparked the resignation of former Chief Executive Steve Corcoran and his replacement by former Chief Operating Officer Mark Rogerson.Corcoran said in November that he felt it was appropriate to step down as Speedy Hire suspended the international division's finance boss and launched an investigation.Speedy Hire said in Wednesday's statement that the investigation by Addleshaw Goddard and Deloitte into the alleged accounting irregularities was nearing conclusion. "We anticipate announcing a summary of the financial impact shortly," it said.It added: "Whilst performance in international is running behind expectation, the UK performance to date gives the board confidence that the group will meet its expectations for the full financial year."Shares fell 1p or 1.54% to 64p at 08:45 in London.PW