Speedy but bumpy for construction

Tool rental firm Speedy Hire expects the next 18 months for the business to be "bumpy", and said yesterday that its finance director Justin Read had resigned to join a bigger firm.

The group forecast a further 0.8 per cent fall in construction output this year. Chief executive Steve Corcoran said: "There are still a few bumps on the road for probably the next 18 months or so and we might pick up a few bruises."

The company, which derives 47 per cent of its revenue from construction markets, said Read will step down from his position in August to join Segro.