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Investors prepare for bad news from Speedy Hire
Oct 7 2008 by Alex Turner, Liverpool Daily Post
MERSEYSIDE’S largest listed company Speedy Hire saw its share price slide yesterday ahead of a trading update due tomorrow.
The FTSE-250 company’s shares fell 17% yesterday to 316p before partially recovering to close 44p down at 335p.
A year ago, Speedy Hire’s share price was at 1,119p, but since then it has lost more than 70% of its value.
The Newton-le-Willows-based firm, which employs 5,000 in the UK, will publish a trading update on Wednesday and investors appear to be preparing for disappointing news.
Speedy Hire’s results for the year to March 31 showed a 19% rise in pre-tax profits to £48.1m while turnover also rose 39% to £465.5m.
However, the construction industry has been among the worst affected during the credit crisis, and this is expected to have had a knock-on effect on Speedy Hire’s performance.
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