Speedy Hire posts FY loss

19th May 2010 07:07

Shares in plant hire specialist Speedy Hire fell as it reported a full year adjusted pre-tax loss and said while it was encouraged by stable levels of recent trading, there remained many difficult months ahead. For the year ended 31 March 2010 the group reported an adjusted loss before tax of £6.2m compared with a restated profit of £33.4m in 2009. Sales fell to £351.1m from £482.7m the same time a year before. Net debt was reduced by over 50% to £119.3m.Commenting on the results chairman David Wallis said, "The more stable levels of recent trading are encouraging, which may indicate that economic activity in our markets is bottoming out, but we are under no illusions that there remain many difficult months ahead."He added that the construction sector had steadily improved in 2010 making for a more predictable forecasting environment."Combined with better than anticipated performance with regard to year end net debt, this suggests a firmer base for the coming year," Wallis added.