Speedy shares tumble as Corcoran resigns

SHARES in Speedy Hire fell 15% in early trading following the resignation of chief executive Steve Corcoran over accounting irregularities in the international division.

Newton-le-Willows-based Speedy issued a statement late on Thursday saying Mr Corcoran felt his resignation was “appropriate”. Shares are down 10p to 54p.

A date has not yet been set for his departure.

The international business is a growing part of the group which accounts for 5% of all revenue.

Speedy said accounting balances for a “limited number of smaller contracts” had been mis-stated by £4.5m-£5m which will lead to a reduction in pre-tax profits of £3m.

The finance director of the international division has been suspended and other senior managers are being investigated. Law firm Addleshaw Goddard has been appointed to conduct a legal investigation and forensic accountants are being appointed.

The irregularities are not linked to the ZADCO offshore oil contracts, the Al Futtaim Carillion work or the recently-announced Kazakhstan joint venture. Speedy said the issue had not affected the main UK business.