(Alliance News) - Tools and equipment hire company Speedy Hire PLC on Monday said adjusted pretax profit for the year to March-end will be slightly below market consensus of GBP37 million.
Group revenue before disposals, however, is predicted to increase by 3.5% year-on-year. Hire and services revenue are expected to grow by 1.5% and 6.0%, respectively.
"Whilst underlying business momentum has been positive, Covid-19 is now having an impact on our revenues with activity levels reducing. Looking further ahead, the full impact of Covid-19 will depend on the length and severity of the disruption to activity in our markets," the company said.
Speedy Hire has a committed asset-backed facility of GBP175 million and an overdraft facility of GBP5 million, available until October 2022. Net debt, excluding lease liabilities, as at March 31 is expected to be in the range of GBP80 million to GBP85 million.
Shares in Speedy Hire were down 9.8% at 42.13 pence each in London on Monday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Speedy Hire (SDY)