April 1, 2009 / 7:17 AM / 11 years ago

Speedy Hire sees profit in line

(Reuters) - The biggest tool-hire company Speedy Hire (SDY.L) said on Wednesday it expected full-year adjusted pretax profit to meet market estimates and that it revised a 300 million pounds loan facility with more suitable covenants.

Speedy Hire also said it took a one-off charge of about 25 million pounds for the year to March 31 on restructuring of some of its businesses and the loan amendment costs.

The company, which hires out everything from tools to portable accommodation and compressed air pumps, had in January forecast pretax profit before exceptional items at the lower end of the market estimate range of 33 million pounds and 38 million pounds.

The company said it was on track to achieve a projected annual cost savings of more than 42 million pounds following its cost-cutting initiatives.

Speedy Hire said despite the tough business environment, it continued to secure significant new business.

Speedy Hire shares were up 20 pence at 146 pence at 7:06 a.m. on the London Stock Exchange.

($1=.6980 Pound)

Reporting by Srikanth Srinivasa in Bangalore; Editing by Gopakumar Warrier

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