A Speedy recovery as tools and equipment hire business bounces back
Revenues have started to bounce back for Speedy, the tools, equipment and plant hire services company.
Operating across the construction, infrastructure and industrial markets, Speedy said its financial results for the year to 31 March 2021, were ahead of expectations despite a “challenging year.”
Turnover for the period was £363.6m, down 10.6 per from £406.7m in the previous year.
Pre-tax profits dropped 40.6 per cent from £20.7m to £12.3m.
During the year it was forced to close 13 depots and a further 22 were consolidated into “six improved locations.”
Following a restructure headcount in both the UK and Ireland reduced by 161 to 3,303.
Speedy also sold its Middle East business to ADNOC Logistics and Services for $18m in early March.
The group has now secured new work and contract renewals from larger customers and is growing revenue in the SME market.
It said it’s trialling outlets in B&Q stores around the UK as it looks to increase its exposure to the B2C market.
Russell Down
Russell Down, Speedy CEO, said: “I am pleased to report results that are ahead of our expectations in what has been an exceptionally challenging year for customers and colleagues alike.
“The resilient performance of our business during this unprecedented period is testament to the strength of our model, hard work of all my colleagues and strong operational delivery.
“Our excellent customer service, including our four-hour delivery commitment, has facilitated a strong recovery in the second half.
“We have had an encouraging start to FY2022 with revenue in April and May c.2% ahead of the equivalent period in 2019. Our strong balance sheet and the actions we have taken to develop our digital and ESG offerings give us confidence for the future.”
Dividend payments have also resumed with final dividend of 1.40p per share proposed by the board.
