Speedy Hire has issued a profit warning following delays to the integration of a national distribution and engineering centre. The company said it expects the integrated centre within Q1 2017, but warned that the delay would affect core rental and revenue growth. Adjusted operating profits for the year are expected to be below market expectations, in spite of a 10.9% increase in revenue to £256m in the nine months to October and a 2.3% increase in adjusted operating profit to £52.4m. While we are seeing some impact on performance in FY16, the b oard remains confident that the initiatives being pursued will position the business to drive improved shareholder returns in what remains a competitive and fragmented marketplace." In its latest half-year results, which were released on Wednesday, Fast Retailing reported an underlying loss of £2.3m, compared with a pre-tax charge of £1.1m.
Speedy Hire has issued a profit warning following delays to the integration of a national distribution and engineering centre. The company said it expects the integrated centre within Q1 2017, but warned that the delay would affect core rental and revenue growth. Adjusted operating profits for the year are expected to be below market expectations, in spite of a 10.9% increase in revenue to £256m in the nine months to October and a 2.3% increase in adjusted operating profit to £52.4m. In its latest half-year results, which were released on Wednesday, Fast Retailing reported an underlying loss of £2.3m, compared with a pre-tax charge of £1.1m.