Speedy Hire gloomy as losses mount

27th May 2009 07:04

Plant hire group Speedy Hire posted a sharp widening in losses in the year to 31 March and said trading in the new financial year is more difficult than anticipated.The firm reported pre-tax losses of £70.6m, compared with £30.5m the previous year. Revenue edged up to £476.1m from £465.5m.Speedy has been hit hard by the downturn in the construction market and remains pessimistic on the outlook for the sector."The difficult conditions which were prevalent in quarter four of 2009 have continued into early 2010, with activity to date being more subdued than anticipated, largely due to contracts being delayed or deferred," the company said.Referring to the construction sector, it said: "The group does not believe this market will show any meaningful signs of growth for another 12 to 18 months."