Speedy return to more stable trading

TOOL hire firm Speedy Hire has seen trading stabilise in its October to December period with activity in the current quarter showing an encouraging level of activity.

The firm yesterday told investors that January revenues were broadly in line with expectations at 24 per cent below the 2009 level, compared to year-on-year declines of 36 per cent in October and 28 per cent in December.

Speedy noted that net debt fell 43 per cent to 141 million in the 10 months to the end of January. The company expects to cut its debt further to 125m. Shares in Speedy closed up 0.25p at 26.75p.