Speedy Hire PLC - Merseyside-based tools hire services firm - Updates on actions taken by the company following previously announced discovery of a deficiency in the value of non-itemised assets of around £20.4 million. Assets include equipment without a unique serial identifier such as scaffolding towers, fencing and non-mechanical plant.

Concludes the issue was not the result of underlying systemic fraud perpetrated on the company by its staff or third parties. Explains the issue resulted from problems with the company’s controls and accounting procedures for non-itemised assets over a number of years, and in particular the reconciliation of such counts to the fixed asset register. New controls have been put in place and the financial control environment has been further strengthened.

Current stock price: 32.26 pence, up 0.5% in London on Thursday

12-month change: down 28%

Copyright 2023 Alliance News Ltd. All Rights Reserved.