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Speedy Hire Shares Fall On £45m Write-Off

Shares (Berlin: DI6.BE - news) in troubled equipment supplier Speedy Hire (LSE: SDY.L - news) have fallen after it announced a £45m hit to full-year results following a review of the business.

The Merseyside-based firm announced the write-off after two profit warnings and a change of leadership last year, with chief executive Mark Rogerson replaced by finance director Russell Down.

Speedy, which provides tools and equipment for construction and industry, has shed 300 jobs as it slashes costs and tries to repair "legacy issues" including lack of equipment, poor customer service and a failure to focus enough on small business clients.

Turning around the business has taken longer than initially expected. Shares have fallen by nearly half over the past year.

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They were down by 2% in the wake of the company’s latest trading update, but recovered later in the day to be up by 1.96%.

The company's results for the year to the end of March are due to be published in May.

Speedy said full-year adjusted profit before tax was expected to be in line with previous expectations.

But it said that following a review of its "intangible assets" it has decided to write off £45m in the annual figures (Other OTC: UBGXF - news) .