- Tools and equipment rental group Speedy Hire said it expected its annual revenue to slump, though with an improving trend seen in more recent months.

Revenue for the year through September, excluding the impact of asset sales, was seen dropping about 20% year-on-year, the company said.

In the month of September, though, core hire revenue in the UK and Ireland was only 7%.

Utilisation rates for the week ended 2 October were 55.5%, down only slightly from 55.9% year-on-year.

'Trading for the period was in line with the board's expectations,' Speedy Hire said.

'The business adapted quickly to the changes brought about by the Covid-19 pandemic and has serviced customers effectively and safely during the period.'

Overhead costs had been tightly controlled, it added, and no staff were now on furlough.

'The situation surrounding Covid-19 is likely to remain uncertain for some time,' Speedy Hire said

'Further to our previous announcement on 10 September 2020, guidance consequently remains suspended.'

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