The UK instruments and tools firm Speedy Rent is affected by not so speedy returns because it launches an investigation into £20mn of lacking scaffolding and fencing.

The corporate mentioned it had found the problem whereas making ready for an finish of yr audit, which takes place in March.

The lacking objects might embrace tools resembling scaffolding towers, fencing and non-mechanical plant objects that aren’t tracked via particular person serial numbers, it added on Wednesday.

Final yr, Speedy Rent reported a internet worth of apparatus property of £227mn — that means about 10 per cent of its inventory is unaccounted for. “Non-itemised” objects made up about 22 per cent — or £50mn — of the general tools worth, the corporate mentioned.

“The board has instigated an exterior investigation into the problem recognized with non-itemised property, together with a evaluate of controls and accounting procedures,” Speedy Rent mentioned in a press release.

Its share worth fell about 8 per cent to 39p on Wednesday.

The corporate added that it had strengthened its accounting procedures for non-itemised tools, together with weekly counts and extra scrutiny over purchases and disposals.

The findings got here as Speedy Rent mentioned it will ship underlying revenue according to earlier expectations and reported elevated revenues of 16 per cent within the 4 months to January, in contrast with the identical interval within the earlier yr.

The corporate mentioned the lacking objects might have an effect on the worth of its non-itemised objects because it approaches its finish of yr audit, however was not prone to hit underlying earnings.