Speedy's international problems hit profits

Full-year revenue at Speedy Hire has risen by 2.9% to £349.7m, but a £4.3m loss made by its scandal-hit international business has caused pre-tax profits to fall by 4.6% to £14.6m.

In the year to the end of March there were also £4.7m in exceptional costs, not included in this figure, while no such costs were included last year.

These costs include £1m spent on investigation and resolving the problems in the international business, where a potential £5m black hole in company accounts was uncovered last year.

Amortisation also amounted to £2.9m.

Chairman Ishbel Macpherson, who has held her role for the past three years, also announced that she will be standing down as chairman and leaving the board in November this year.

She admitted the past year had been “disappointing”.

She said: “The issues the Group has faced in the Middle East have resulted in a financial impact, distraction in terms of management focus and general levels of disruption. These issues have now been addressed and we remain confident that the group has strong potential and the outlook is good. I believe that Mark Rogerson and his restructured and renewed senior management team are well placed to deliver on this and position the group well for the coming years.”

Key developments for the company since the year end have included winning preferred bidder on a major Tier 1 contract with Balfour Beatty and establishing a relationship and winning contracts with Skanska.

Your News

If you've got a story that would be of interest to Builder & Engineer readers, send us an email

Features

2017-05-31 14:33

The rate of Insurance Premium Tax (IPT) will rise by two per cent on June 1 to 12 per cent on all non-exempt transactions. Martin Bennison, managing director at construction finance firm Ultimate Finance, explains what this means for UK construction companies.

2017-05-25 09:41

Building Information Modelling (BIM) is growing in popularity and is now mandatory for centrally funded public-sector projects. Experts and the curious are gathering more and more frequently at dedicated congresses, exhibitions and workshops. Many people are now asking: Where does the UK stand on the issue of BIM and the digitisation of the construction industry?

2017-05-10 11:47

Opening site doors to more females is vital to plugging the construction skills gap, reports Claire Cameron

THE construction industry continues to be plagued by a well-documented skills gap with some suggesting the shortage could get worse before it gets better.

2017-05-08 15:27

If you work on a building site, are self-employed or have a zero-hours contract, you might be surprised to know you work in the ”gig economy”. This is the economy characterised by temporary work and irregular hours, pay and working conditions.

2017-03-29 11:31

Jeremy Gould, VP sales Europe, TomTom Telematics, discusses how technological developments in vehicle telematics have opened up new workflow management possibilities for the construction industry

2017-03-21 10:31

With the demand of oil increasing, it’s estimated that the Earth will reach its full capacity for oil consumption at some point within the next 20 years. This is despite the production of oil decreasing, and the construction industry is no exception to this, reports Niftylift.

2017-03-17 11:55

With construction firms leading the way in drone technology, Claire Cameron takes a closer look at how unmanned aerial vehicles (UAVs) can be used onsite

2017-03-07 17:20

While the physical safety of workers is prioritised on construction sites, mental health is often overlooked, reports Claire Cameron

Free E-newsletter Sign-Up

Sign up for our free e-newsletter

Looking for a company or service?