Integration of Lloyds British progressing to schedule says new owner

The integration of Sutton Coldfield-based Lloyds British Testing into the Speedy Hire group is progressing to schedule, the firm has said.

Newton-le-Willows-based Speedy acquired the crane and lifting equipment tester in December following its lapse into administration.

In a trading update, Speedy said: “The integration is progressing well with a number of revenue and cost synergies expected to be realised.  The results of Lloyds British will not materially affect the FY17 underlying profit before tax.”

The deal which saw the company acquire Lloyds British saved the jobs of 200 people.

For the year ending March 31, 2017, Speedy said it was benefiting from a £45m deal it had agreed with Wolverhampton-based construction and support services giant Carillion.

Group revenues for the third quarter, on a like for like basis (pre-disposal), were 10.6% ahead of the prior year, in part benefitting from the timing of the Christmas holiday period.

“The group’s recovery plan to improve the efficiency of operations remains on track with reduced overheads, and rental assets and net debt both lower than at the half year end,” it said.

“Speedy has implemented a number of customer service initiatives which have led to improving revenue and the retention of major framework contracts.  These include a contract renewal, and scope extension, with Carillion, which in total could be worth up to £45m over three years.

“As a consequence of the improving revenue trend and better operational efficiency, the board anticipates that adjusted profit before tax for the full year will be ahead of its previous expectations.”