Speedy Hire Share News (SDY)

Tool rental firm Speedy Hire announced the resignation of its finance director Justin Read as tough trading conditions continue. Read will leave the firm 26 August 2011 to join property group Segro. Speedy Hire said a recruitment process for a new FD would start shortly. Meanwhile the group reported reduced adjusted annual losses as it cut cost and experienced a recovery in hire activities. UK hire rates were up 10% from the prior year. Adjusted loss before tax narrowed to £0.7m for the year ended 31 March 2011 from a loss of £6.2m in 2010. Revenue was up 0.9% at £354.2m. Pre-tax losses widened to £27m during the year from £22.8m before. Chairman Ishbel Macpherson said, "We have established a solid platform from which to build and, whilst we remain alert to the continuing uncertainty in the economy, we expect to make further progress in 2011/12." Looking ahead Speedy forecast another 0.8% fall in construction output in 2011. A final dividend proposed of 0.2p has been proposed, unchanged from last year. CJ