Speedy Hire Plc provided an update on trading for the year ending March 31, 2014. Asset sales are running at a slower pace than anticipated and below historical trends. Trading losses in the Middle East business are likely to be greater than anticipated as the business is being stabilised. The performance of the International division will also be negatively impacted by adverse foreign exchange movements relating to the Kazakhstan Joint Venture. Total UK revenues are marginally higher than in the same period in the prior year, reflecting growth in services revenue, the higher margin hire revenues for February and March are below forecast.

As a consequence, the Speedy Board now expects adjusted PBT for the year ending March 31, 2014, to be in the region of £14.5 million.