Feb 28 British construction equipment rental
company Speedy Hire Plc said accounting irregularities
at its international division would result in a charge of 2.7
million pounds ($4.5 million) against earnings for the year
ending March 31.
Speedy Hire said on Friday the amount was part of a total
charge of 4.8 million pounds plus fees that it would take for
the irregularities, with the balance to be taken in prior
"The accounting irregularities were the result of the
deliberate actions of a small number of employees - these
employees have now left the business," Speedy Hire said.
Most of the company's international business is in the
Middle East. Speedy Hire has not disclosed the nature of the
The company said in November that it uncovered accounting
problems at the division that led to the exit of Chief Executive
Speedy Hire had said then that the total impact of the
misstatements on pretax profit would be 4.5-5.0 million pounds,
with about 3 million pounds accounted for this fiscal year.
The company had appointed Addleshaw Goddard LLP and Deloitte
LLP to conduct an independent legal and forensic investigation
into the irregularities.
Speedy Hire's shares were up 2 percent at 71.31 pence at
1056 GMT on the London Stock Exchange.