Shares in Speedy Hire (SDY) fell by a third after the tool hire specialist delivered a disastrous trading update, in which it admitted results for this financial year will be materially below expectations, prompting the departure of its chief executive. Management blamed a lack of available equipment during its network optimisation programme, as well as too much focus on its strategic accounts at the expense of its SME customers. Poor customer service, caused by disruption as it implemented a new IT and MI system, has also been a factor.
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Talks with a third party to sell its oil and gas business in the Middle East have also failed. Chief executive Mark Rogerson stepped down and has been replaced by the group's finance director Russell Down.
