Speedy Hire's results warning, CEO departure send shares tumbling

July 1 (Reuters) - British hire group Speedy Hire Plc (LSE: SDY.L - news) said on Wednesday that its Chief Executive Mark Rogerson had stepped down and warned that its 2016 results would be significantly below its expectations.

Shares (Berlin: DI6.BE - news) in the company plummeted more than 35 percent and was the biggest percentage loser on the London Stock Exchange (Other OTC: LDNXF - news) in early trading.

"There is no way to dress up the disappointment of today's update, an extremely frustrating turn of events which will test the patience of shareholders," Investec (LSE: INVP.L - news) analyst Andrew Gibb said in a note to clients.

The company, which hires out tools, equipment and plants to construction, infrastructure and industrial markets, said a lack of available equipment and a focus on strategic accounts at the expense of small and medium clients were among factors that contributed to the poor revenue performance.

Sanlam analysts said Speedy Hire's statement along with the warning from peer HSS Hire Group Plc on Monday will send shockwaves through the sector.

Speedy Hire, which had earlier announced plans to exit the Middle East market, also said discussions to sell its remaining oil and gas business in the region had been discontinued.

Speedy Hire added that Group Finance Director Russell Down had been appointed CEO with immediate effect, and that Chairman Jan Astrand had taken on an executive role.

The company did not cite any reason for Rogerson's departure. He assumed the role of CEO in January 2014.

Speedy Hire shares were down 33.6 percent at 47.44 pence at 0719 GMT. (Reporting by Roshni Menon in Bengaluru; Editing by Gopakumar Warrier)