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Speedy Hire expects full-year results to beat expectations
September 19, 2017 / 6:31 AM / 3 months ago

Speedy Hire expects full-year results to beat expectations

Sept 19 (Reuters) - Industrial equipment rental company Speedy Hire said it expects full-year adjusted pretax profit to be well ahead of the prior year and slightly ahead of its expectations.

The company, which works with customers in the construction, infrastructure and industrial markets, also said it had reduced the number of its operating divisions and distribution centres, as part of an ongoing attempt to cut costs.

The reduction will result in annual overhead savings of at least 3 million pounds ($4.06 million), Speedy Hire said, adding that it sees net exceptional costs of about 4.5 million pounds in the first half year.

Revenue for the five months to Aug. 31 was up about 7.5 percent led by growth in services, it said.

$1 = 0.7386 pounds Reporting by Noor Zainab Hussain in Bengaluru; editing by Jason Neely

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