Speedy Hire bounces back after Carillion collapse

Revenues at tool hire firm Speedy are expected to 6.5% ahead of market expectations – according to a statement issued this morning.

The UK’s leading tools and equipment hire company, operating across the construction, infrastructure and industrial markets, has issued an update on its trading performance ahead of publishing half year results.

The firm, which is based in Newton-le-Willows, said group revenues for the period to 30 September 2018, excluding disposals, are anticipated to be 6.5% ahead of the prior year.

The company said UK and Ireland core hire like for like revenues were broadly flat, with strong growth in the higher margin SME market which has offset lost revenue following the liquidation of Carillion.

Utilisation rates for UK and Ireland were 56% for the period to 30 September 2018.  The International business is performing strongly.

The firm said  there will be no exceptional costs in this half year and  net debt is expected to be £65m a fall of £4.4m since March.

Return on capital employed will be in excess of 12%.

Adjusted profit before tax for the full year is expected to be ahead of the prior year and in line with the Board’s previous expectations.