31.03.2016

Speedy to take further write down

UK rental company Speedy has issued a full year trading update which stated that pre-tax profits will in line with market expectations and net debt broadly in line with last year.

However it has taken a further £45 million write down in the value of goodwill obtained from acquisitions. The write off will be taken as a non-cash exceptional Item in the full year results to the end of March.

The company has also announced that Rob Barclay, managing director UK, Ireland and Middle East of SIG – the supplier of specialist products to the construction industry, will join the board as a non-executive director from today. He has also been appointed chairman of the remuneration committee and will join the nomination and audit committees.
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Rob Barclay

Barclay, a New Zealander, joined SIG in 1997 and has held various senior management roles within the business including managing director of SIG Distribution, having led its creation by bringing together the group's UK insulations, interiors, construction accessories and fixings businesses. Prior to joining SIG he was a regional manager for a global wood products company based in New Zealand.

The company has also confirmed that Chris Morgan's appointment as finance director has now been made permanent, he has served on an interim basis since December.

At the same time Bob Contreras, who joined the Speedy board in December will assume the role of senior independent director with immediate effect.