Tool hire firm looking forward to strong end to the year

Speedy Hire

Tool hire firm Speedy says it is expecting a stronger send half of the year thank to a series of contract wins.

The firm, which is based in Newton-le-Willows, issued a trading update this morning.

The provider of tools and equipment hire, and services to the construction, infrastructure and industrial markets provides an update on its trading performance for the period to 30 September.

Half year results are due to be announced on 13 November 2019.

Group revenue, pre disposals, increased by 6% on the prior year.

Hire and services revenue grew by 1% and 13% respectively.  Revenue from SME customers continued to grow strongly, up by more than 25% in the first half compared to prior year.

Net debt is expected to be £86m (31 March 2019: £89.4m), and reflects continued investment in hire fleet, which is predicted to reduce in the second half of the year.

A statement said: “A number of contract wins and extensions including CALA Homes and Peel Ports have been secured in the period.

“As a consequence, the second half of the year is anticipated to be stronger than the first half.  The group expects adjusted profit before tax for the full year to be in line with the board’s expectations.”