Plant hire firm says coalition’s Autumn spending review would be critical to future of business

Plant rental firm Speedy Hire said today that turnover had fallen marginally this year and that it continued to take a “cautious” view of any potential recovery in the market.

In a first quarter trading update to the firm’s AGM, chairman David Wallis said group revenues – excluding fleet equipment sales – were 0.7% down on the same period last year, in line with expectations.

Likewise, revenues in the firm’s UK & Ireland Asset Services division, which produces 95% of its turnover, was “only slightly behind the same month in the prior year.”

However one of its training contracts within the Branded and Advisory division has been deferred.

In addition the firm said that the future of the business would be “critically” determined by the outcome of the UK Government’s Autumn Spending Review. Wallis said: “In view of the uncertainty around these areas, we continue to take a cautious view about recovery prospects in the UK for the remainder of this year and next and continue to position the business accordingly.”  

The firm spent £3.5m “enhancing” its banking facilities since the start of its financial year in April. It will report interim results on November 17.