Speedy Hire reports small drop in quarterly revenues

18th Jul 2013 07:56

Equipment rental company Speedy Hire suffered a small drop in revenues in the three months to the end of June but said it was trading in line with management expectations.Revenues fell 0.8% in the quarter weighed down by a 2.6% drop in revenues in its UK and Ireland division. It pointed out last year's numbers were helped by significant industrial spend ahead of the Olympics.Its international division enjoyed a 30% lift in revenues in the quarter driven by growth in oil and gas projects. Chairman Ishbel Macpherson will tell shareholders at the annual general meeting later on Thursday: "The group is trading in line with management expectations for the full year and the board remains confident that it is well positioned for the future."Shares in Speedy Hire were down 3.24% at 59.75p at 8.08.TB