Speedy Hire FY revenues rise, warns of 'softening' demand

Tools and equipment hire group Speedy Hire said on Wednesday that full-year revenues had risen but cautioned that it had seen some "softening of demand" over recent weeks.

Speedy Hire said annual revenue was seen 14% higher year-on-year, underpinned by rate increases to counter inflationary cost pressures alongside "a strong performance" from its services unit. Pre-tax profits were seen in line with internal expectations.

However, the London-listed group warned that due to the "continuing challenging trading environment", it had experienced weaker demand. Although with "a strong pipeline" of new business, Speedy said it remains confident of future revenue growth.

Speedy also stated an external investigation into issues identified with its non-itemised assets, was continuing to progress, with a further update to be provided with the group's final results announcement on 6 June.

As of 1005 BST, Speedy Hire shares were down 3.09% at 31.35p.

Reporting by Iain Gilbert at Sharecast.com