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Tools, equipment and plant rentals group Speedy Hire booked a 28% slide in annual profit after a wrote down on the value of its Geason Training business, offsetting a rise in sales.
The company did not declare a final dividend, citing uncertainty caused by the Covid-19 crisis.
Pre-tax profit for the year through March fell to £20.7m, down from £28.7m, even as sales rose 3.0% to £406.7m.
Underlying pre-tax profit climbed 11% to £34.9m.
Speedy Hire reiterated that Geason Training had performed below expectations, resulting in net exceptional items of £12.2m.
Management changes had been implemented to improve Geason Training's performance, the company said.
On its outlook, Speedy Hire said a significant proportion of revenue had been retained, though UK and Ireland hire revenue for June was about 17% below the prior year.
The company said that at current revenues, it could operate throughout the 2021 financial year within existing banking facilities, without breaching any covenant tests.
'I am pleased to report continued positive momentum across the group,' chief executive Russell Down said.
'We have a well invested fleet, diversified customer base and robust balance sheet.'
'Whilst Covid-19 will have some financial impact on the business, I am reassured by our performance in the last three months.'
'We are well placed to emerge in a position of strength to pursue our strategic objectives as more normal trading levels return.'