Speedy Hire very cautious in short-term

21st Jul 2009 07:53

Tool hire group Speedy Hire reports conditions in the construction sector may be starting to stabilise a little but overall it remains very cautious about short-term prospects.The group, which raised £100m earlier in May to shore up its balance sheet, added that revenue has declined by 10% in the first quarter from the last three months of last year."With continuing uncertainty around future construction activity, the board remains cautious about the Group's short term outlook. Costs continue to be monitored closely and will be managed to a level which ensures that they remain appropriate for forecast activity levels," it saidFollowing the receipt last week of the £100m net proceeds of the group's recent rights issue, net debt currently stands at £140m.