In a trading update today Speedy said that its third quarter (October-December 2013) revenue for the UK and Ireland was up 3.3% against Q3 of the previous year.
“Whilst performance in International is running behind expectation, the UK performance to date gives the board confidence that the group will meet its expectations for the full financial year,” the board said.
“Speedy's consistent strategy, market positioning and strong market share in key sectors in the UK continues to underpin the progress being made by the group.”
In November 2013 ‘irregularities’ were found in the accounts of the company’s Middle East operations. Chief executive Steve Corcoran resigned and the finance director of the international division was suspended. Other senior divisional management are also under investigation. (See previous report here.)
Law firm Addleshaw Goddard and forensic accountants from Deloitte are now nearing conclusion of these investigations and a new management team is being built for the international operations.
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