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