Speedy Hire shares nosedive as tool hire group suffers 'economic downturn' Speedy Hire shares lost more than a quarter of their value on Monday morning after the tool hire firm warned its full-year profits would be lower than expected.
Plunge: Speedy Hire shares collapsed on Monday morning after the tool hire firm warned its full-year profits would be lower than expected.
This was despite the group revealing it achieved 'promising' growth in the final three months of 2024, thanks partly to hire revenue expanding by 5 per cent in December.
Speedy Hire also revealed that its joint venture business in Kazakhstan had suffered 'a significant downturn in performance' after the early closure of some contracts.
Broker Panmure Liberum reduced Speedy Hire's turnover outlook by £10million to £436million following the trading update, equivalent to a 3.5 per cent year-on-year increase.
