Speedy Hire sees profits increase in wake of acquisition spree

Profits before tax are up by almost £10m to £27.2m at equipment and tool firm Speedy Hire.

The firm, which is based in Newton-le-Willows, said that profits were up due recent acquisitions but added that it was also affected by the collapse of Carilion.

Revenue over the last 12 months, excluding disposals, increased 6% to £389.2m.

Adjusted profit before tax was up 19.3% to £30.9m and profit before tax increased to £27.2m.

In December the company announced the acquisition of training provider Geason Holdings.

Geason Training is a leading provider of construction and professional services training across the UK with over 1,500 students currently on programmes.

In March the firm announced the acquisition of powered access specialist Lifterz Holdings.

Lifterz is based in Yorkshire, operating from a head office in Ossett, with additional sites in Haydock, Daventry and Bathgate and has a fleet of approximately 1,300 access platforms.

Since November 2017, the firm has invested £52m in the powered access market in line with our strategy to build a national presence through in-fill acquisitions and organic capital expenditure.

Speedy Hire has seen continued growth in SME customer numbers and revenues.

The firm said digital transformation has gained momentum and the management of information systems has significantly improved.

Russell Down, chief executive, said: “These strong results demonstrate the excellent progress Speedy is making against our strategy, including a significant increase in our SME customer base, services revenue growth, and the completion of two UK acquisitions.

“We have further increased our return on capital through an improved operating performance and continuing to optimise the business using digital technology. The business has a strong platform for future growth.”