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From: peppe51	11/27/2008 9:50:31 AM
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492...Speedy Hire revenue up but 492 jobs cut 18:14 26 Nov 2008 By Neil Gerrard Speedy Hire has made 429 of 492 planned job cuts, closed 33 depots and reduced its vehicle fleet by 260 units, despite reporting a 22% rise in revenue. The news came as it reported its interim results for the six months to 30 September 2008. Revenue stood at £256.2m for the half year, while pre-tax profit climbed 3.9% to £23.8m. Speedy called its performance "resilient" but warned of a "severe contraction in general construction activity, primarily funded by the private sector", which it blamed on lack of confidence and capital. It also revealed that October had been a particularly tough month, with revenue 6% lower than expectations. The details of the reduction in the plant hire firm's heacount follow an announcement in July that Speedy would be undertaking a series of cost-cutting measures. contractjournal.com

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