Speedy profits to top market hopes

SPEEDY, the listed tool, equipment and plant hire services company,says it expects its annual results to top City expectations.

The Newton-le-Willows-based company, which will publish its figures for the year to the end of March on May 12, said it had all but exited its Middle East business, a major strategic shift by new chief executive Mark Rogerson.

The company said: “The board expects to announce revenue in line with market expectations, and adjusted profit before tax slightly ahead of market expectations, reaffirming the strength of Speedy’s strategic and major customer relationships.”

It added: “In the Middle East, where the Group has incurred substantial losses, Speedy has completed its withdrawal from the general hire business; its offices in Egypt and Qatar have been closed and the Oman business sold. 

“The newly restructured Oil and Gas Services Business broke even in the final month of the fiscal year and the Group is in discussions with a potential purchaser to sell this business.  Regardless of the outcome of any negotiations, the Middle East business has been significantly de-risked.”