Group expects to report loss for full year

Plant company Speedy Hire has reported growth of 4.8% for the first three months of 2011.

Over the course of the year, March 2011 UK volumes are 0.6% down and UK hire rates are 9.9% up on March 2010.

For the year ending 31 March 2011, group revenues (including fleet equipment sales) are expected to be slightly above £350m, with second half revenues broadly equivalent to the £177.3m reported in the first half, while net debt was approximately £115m.

A statement said: “the Group continues to expect to report a marginal adjusted loss before tax (before amortisation and exceptional items) for the full year. This reflects a strong performance in the second half, following an adjusted loss before tax (before amortisation and exceptional items) of £9.9m in the first half.”

“Notwithstanding this encouraging performance, the Board maintains its cautious view about short term recovery prospects and cost pressures in the UK and is mindful of the political tensions in the Middle East. Therefore its expectations for the new financial year are unchanged.”