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July 1 (Reuters) - British hire group Speedy Hire Plc said on Wednesday that its Chief Executive Mark Rogersonhad stepped down and warned that its 2016 results would besignificantly below its expectations.
Shares in the company plummeted more than 35 percent and wasthe biggest percentage loser on the London Stock Exchange inearly trading.
"There is no way to dress up the disappointment of today'supdate, an extremely frustrating turn of events which will testthe patience of shareholders," Investec analyst Andrew Gibb saidin a note to clients.
The company, which hires out tools, equipment and plants toconstruction, infrastructure and industrial markets, said a lackof available equipment and a focus on strategic accounts at theexpense of small and medium clients were among factors thatcontributed to the poor revenue performance.
Sanlam analysts said Speedy Hire's statement along with thewarning from peer HSS Hire Group Plc on Monday will sendshockwaves through the sector.
Speedy Hire, which had earlier announced plans to exit theMiddle East market, also said discussions to sell its remainingoil and gas business in the region had been discontinued.
Speedy Hire added that Group Finance Director Russell Downhad been appointed CEO with immediate effect, and that ChairmanJan Astrand had taken on an executive role.
The company did not cite any reason for Rogerson'sdeparture. He assumed the role of CEO in January 2014.
Speedy Hire shares were down 33.6 percent at 47.44 pence at0719 GMT. (Reporting by Roshni Menon in Bengaluru; Editing by GopakumarWarrier)
