Tool hire specialist Speedy Hire has issued its second profit warning in three months.

The firm warned this morning that its profits are expected to be “materially below current market expectations” after a “disappointing start to the current financial year”, with UK and Ireland revenues likely to be 10 per cent lower than last year.

Chief executive Mark Rogerson stepped down as the company warned on profits in July.

A four-point turnaround strategy was revealed, including improved distribution of its assets, a focus on small businesses, changes to its operational structure and improvements to its IT system.

But executive chairman Jan Astrand warned the measures will take time.

“Following the extremely disappointing start to the year, we have taken action to grow revenue and cut costs. While these actions will take time to come to fruition, we believe they will deliver material benefits over the medium term.”