Newton-le-Willows-headquartered Speedy Hire has launched an investigation after discovering equipment worth over £20m is missing.
The loss was uncovered as the company completed a count of its hire equipment before its 2023 audit.
Speedy Hire said the missing equipment will lead to a one-off, non-cash write down of its balance sheet of non-itemised assets for the year to March 31, 2023.
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However, it added that it is not expected to impact its cash position or underlying profit performance.
A statement said: "The board has instigated an external investigation into the issue identified with non-itemised assets, including a review of controls and accounting procedures.
"In addition, management has strengthened the control environment for managing its non-itemised asset fleet, including weekly perpetual asset counts with additional internal audit focus, enhanced control over purchases and disposals, and monthly reconciliations against the fixed asset register.
"These actions will be further considered in conjunction with the findings of the external investigation, including any further changes to controls and processes as appropriate."
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