Tool hire firm Speedy is expecting half-year revenues to be 20 per cent lower than the previous year.
However, the group said revenue has continued to improve in the period as activity levels have increased, in a trading update for the six months to September 30, ahead of its half-year results.
All tax payments deferred as part of COVID-19 support measures were repaid during September, it said.
Core hire revenue in the Ƶ and Ireland for September 2020, was around 7 per cent lower than the prior year, while utilisation rates for the week ended 2 October 2020 were at 55.5 per cent, down slightly from 55.9 per cent in 2019.
The group said its Middle East business is in line with expectations, however “slightly” below the prior year.
The group’s net debt was around £60m, down from £79.3m at March 31, which it said reflects lower capex spend and “continued strong cash collections in the first half”.
In response to the pandemic, the group said it “tightly controlled” overhead costs and made “decisive actions”.
The group last month said it had cut its workforce by seven per cent, from from 3,464 employees in March to 3,222 in August.
A further 50 colleagues had been placed at risk of redundancy during September.
The group now has no staff on furlough, it said.
The firm is due to publish its half-year results on November 18.
“The situation surrounding COVID-19 is likely to remain uncertain for some time. Further to our previous announcement on 10 September 2020, guidance consequently remains suspended.”
