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Speedy Hire sees H1 pretax profit ahead of expectations
September 30, 2016 / 6:51 AM / a year ago

Speedy Hire sees H1 pretax profit ahead of expectations

Sept 30 (Reuters) - Industrial tools and equipment rental company Speedy Hire sees half yearly pretax profit ahead of the company’s expectations, helped by job cuts.

** Company says it has cut over 100 jobs since the beginning of the financial year; associated costs to be recognised as exceptional items

** Company sees revenue for the first half ended June 30 to be ahead of company expectations

** Speedy Hire says net debt to be significantly lower after disposal of mechanical plant fleet; company had said in August it would sell mechanical plant fleet for 14.4 million pounds ($18.67 million)

** Trading update comes after company’s largest stakeholder, Toscafund Asset Management LLP, demanded to oust Executive Chairman Jan Astrand; shareholders voted against the demand

$1 = 0.7714 pounds Reporting by Vidya L Nathan in Bengaluru; Editing by Amrutha Gayathri

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