An institutional investor has taken advantage of a sharp slump in Speedy Hire’s share price to almost double its stake.
Edinburgh-based Aberforth Partners has increased its holding in the Newton-le-Willows-headquartered company from 5.95 per cent to 10.31 per cent, according to a new filing with the London Stock Exchange.
The move makes Aberforth Partners the second largest institutional investor in Speedy Hire, behind Schroder’s Investment Management on 12 per cent.
Speedy Hire’s shares fell sharply from 36p after issuing a profit warning at the end of last month. They are currently trading at just over 27p, a record low.
On January 30, the business warned on its profits despite it performing “resiliently in the face of cost inflation and macroeconomic uncertainty”.
The firm said it has been impacted by “weakness in some of our end markets and seasonal product lines, and some delays in mobilisation of significant contract wins”.
Other significant institutional shareholders in the company include Jupiter Asset Management, Abdrn and FIL Investment Advisors.
Earlier this week Abdrn cut its stake in Speedy Hire rom 7.73 per cent to 5.25 per cent.
Speedy Hire’s share price has been on a gradual decline since its high of 77.3p in April 2021.