Speedy Hire hails change in trading, but remains wary
Speedy Hire's adjusted pre-tax losses for the six months to 30 September increased by 106 per cent year-on-year to 9.9 million but sales, volumes and average hire rates have shown quarter-on-quarter growth since the start of 2010.
Sales declined by 4 per cent to 177.3m in the six-month period, compared with the previous year, while the group's gross margin dropped from 60.2 per cent to 57.9 per cent, which helped worsen its losses.
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Hide AdHowever, chief executive Steve Corcoran insisted the company had turned the corner after sales continued to improve in October, when they showed a year-on-year increase of 5 per cent.
He said he expected to see more failures in the construction industry when builders stretched their resources to deal with an increasing demand.