Speedy Hire sees light on horizon

Tool hire group Speedy Hire said yesterday it had seen signs that difficult trading conditions were starting to ease, though it remains cautious about the short-term outlook. Speedy, which recently completed a £100m rights issue to shore up its balance sheet, said revenue for the first quarter of the financial year was down 30 per cent on the same period last year, though it managed to reduce its net debt by £48m year-on-year to £247m at the end of June.