Half year turnover and profits up at Speedy

Merseyside-based Speedy Hire has said that half year turnover and pre-tax profits will be up on last year and ahead of board expectations, as the group’s turnaround continues.

The industrial equipment rental company said that group revenues to the end of August were 7.5% ahead of last year, thanks to growth in service revenues.

While overhead costs are expected to remain the same, the group said it had taken further action this month to reduce its cost base, by cutting the number of operating divisions and distribution centres – a move it said would save £3m a year.

Net debt will have fallen by around £15m on last year to around £70m.

The company’s full half year results for the period to 30 September 2017 will be published in November.