Join our community of smart investors

Speedy runs into Covid-19 slowdown

The equipment hire group says that the virus outbreak is reducing activity levels
March 23, 2020

Speedy Hire (SDY) says that revenue before disposals is expected to increase by 3.5 per cent for the year to 31 March, with turnover from ‘hire’ and ‘services’ rising by 1.5 per cent and 6 per cent, respectively. Momentum among small- and medium-sized enterprises (SMEs) has continued, with hire revenue from these customers growing by more than a quarter.

IC TIP: Hold at 47p

However, the Covid-19 outbreak has started to reduce activity levels. As such, the group believes full-year adjusted pre-tax profit will come in below market consensus of £37m.