Speedy, which provides tool and equipment hire to the construction and infrastructure sector, has cut its workforce by seven per cent in response to the coronavirus pandemic.
The group said there has been a 7 per cent reduction in its workforce, from from 3,464 employees in March to 3,222 in August.
A further 50 colleagues have been placed at risk of redundancy during September, it said.
However, the group said revenue has ‘improved’ in the recent months as customers return to work.
The group reported revenues for the year to date are 23 per cent lower than the year before, while Ƶ and Ireland core hire revenues for September to date are around 8 per cent lower.
Speedy has also relaunched its four-hour delivery promise on September 1 covering a range of 350 products.
Chief executive Russell Down said: “We are pleased to report that in recent months we have seen an ongoing recovery in trading as customers have returned to work.
“The decisive actions we have taken during the pandemic to enhance the resilience of our business and the strength of our balance sheet leave us well placed to respond to improving trends and pursue our strategic objectives.”
The group said overhead costs have been tightly controlled during the first half in response to the Covid-19 pandemic.
Around 200 colleagues - some six per cent of its workforce - remained on furlough as of August 31, however it anticipates no staff will remain on furlough beyond September 30.
It permanently closed 13 depots in the Ƶ and said further depots will be consolidated into larger operating locations.
The group reported a ‘strong’ balance sheet and ‘substantial unutilised banking facilities’ and net debt reduced from £79.3m at the year end to £59.4m at August 31.
