Hire forecasts up to $2.5m ebit for FY11

IT and A/V rental company Hire Intelligence International (ASX:HII) has estimated an ebit of $1.8m to $2.5m in FY11, and revealed it has now fully paid off a $2m loan

IT and A/V equipment rental group Hire Intelligence International (ASX:HII) has forecast an ebit of between $1.8 million and $2.5 million for FY11.

The company, which earned an ebit of $1 million in FY10, said it anticipated declaring a full year dividend of between 1 and 1.5 cents per share.

Hire International has paid off a $2 million loan, which it had accrued when its property division acquired a building in Perth, and said it expects to find suitable tenants for the location during the year.

One of its old tenants, Excom Education, entered liquidation in August.

But Hire Intelligence said a legal battle with a former master franchisee and two franchisees in the UK, in which it is seeking recovery of bad debts and legal costs, is going “inevitably” slowly.

As a result, the funds may not be recovered this financial year.

HII shares ended Monday's trading unchanged at $0.120.

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