Tool hire firm powers back into the black to the tune of £14.4m

Merseyside-based Speedy Hire is celebrating a spectacular turnaround with year-end pre-tax profits up to £14.4m – reversing a loss of £57.6m in 2016.

Revenue has also risen 12% to £369.4m in the 12 months to March 31. In addition, the Newton-le-Willows company’s net debt has fallen from £102.6m to 71.4m.

The listed company has highlighted an “emphasis on customer service, innovation and relationships” as part of the reasons for the success.

Meanwhile, its hire fleet was reduced by 11.4% to £194.8m, and there was also the successful acquisition of Lloyds British for £3.8m which is now fully integrated and enhancing Speedy’s service offering.

Chief executive Russell Down said: “These results demonstrate the success of our turnaround plan with significant improvements across all financial and operational performance measures.

“Whilst we have made a solid start to the year, the market remains competitive.  With the business now stabilised and a strong balance sheet, we are well positioned to take advantage of market opportunities and continue to deliver sustainable profitable growth.”