Results for the six months to September 30 confirm a near 10% drop in headcount to a current total of 3,167.

The cull has been focused on “significant cost saving coming from senior and middle management levels” where the restructuring has resulted in one-off costs of £3.3m.

Pre-tax profits before exceptional items crashed to £2m during the period compared to £10.3m last year as revenue dropped to £165m from £189.3m.

After exceptional items Speedy actually racked-up a loss for the half year of £13.5m

Chief Executive Russell Down said the hirer is now starting to see the benefits of recent strategy changes following a turbulent few years.

He said: “Following a disappointing and challenging start to the year, reflected in the results we are announcing today, we are beginning to see the benefits of the remedial actions put in place to address the various legacy issues.

“These are early days in the Group’s recovery and the full benefits will only be realised over the medium term.

“However, remedial actions implemented to date have started to stabilise our revenue base and we are expecting to see an improvement in the second half.

“Whilst our markets remain competitive, Speedy remains a fundamentally good business which in a more lean, efficient and customer-focussed form, has the potential to once again deliver sustainable profitable growth.”