July 20 (Reuters) – Tool-hire firm Speedy Hire (SDY.L) said on Tuesday it maintained a cautious view about recovery prospects in the United Kingdom for the remainder of this year.
The company, which provides support services to construction, manufacturing, industrial and rail sectors, said the timing of recovery within private sector construction and the government’s autumn spending review will be critical to future performance.
However, Speedy Hire said first-quarter revenue and adjusted pretax profit were in line with its expectations.
The company said it would enhance its banking facilities to invest in its Middle East operations and take a one-time cash charge of 3.5 million pounds in the first half of this financial year.
Net debt at the end of last week closed at 134.9 million pounds ($205.4 million), the company said.
Shares of Speedy Hire closed at 22.5 pence on Monday on the London Stock Exchange. ($1=.6567 Pound) (Reporting by Juhi Arora in Bangalore; Editing by Unnikrishnan Nair) ((email@example.com; within UK +44 207 542 7717; outside UK +91 80 4135 5800; Reuters Messaging: firstname.lastname@example.org))