Speedy Hire clinches long term deal worth £25m a year with Amey Group Services

Dan Evans

Newton-le-Willows-based plant and tool hire group, Speedy Hire, has clinched a new contract with Amey Group Services worth up to £25m per year.

The new long term core hire and solutions contract is due to mobilise during the second half of Speedy’s financial year, subject to a transition period to allow for a seamless integration.

Amey, a provider of engineering, operations and decarbonisation solutions for UK infrastructure, selected Speedy due to its industry leading sustainability credentials and wide range of commercially sustainable eco-products, said Speedy.

As part of the agreement, Speedy will provide non-operated plant hire to Amey’s operations on a range of sector contracts including rail, highways and public estates, a significant proportion of which consists of innovative eco-products, including H-Power Generators from Speedy Hydrogen Solutions and battery storage units from Green Power Hire.

Speedy chief executive, Dan Evans, said: “This new contract is testament to our leadership position in our sector, along with our ability to service major customers with commercially sustainable products and services.

“Our Velocity strategy positions Speedy Hire strongly to continue to support all our customers, which we are very pleased now includes Amey.”

John Faulkner, Chief Operating Officer, Amey, said: “This new contract signifies a strategic alliance between Amey and Speedy Hire in our common goals to play a critical role in protecting the natural environment while accelerating the UK’s transition to net zero.”

Earlier this month (12 June 2024) Speedy’s rival hire business HSS issued a stock market warning that it had been notified by Amey Plc of its decision to move to another supplier for the provision of its equipment rental managed service contract.

It said the supplier agreement will end in early December 2024 subject to any transitional services that HSS may agree with Amey.

The agreement, which began in December 2015, accounted for approximately seven per cent of group revenue and 10% of group adjusted EBITA in 2023.

The news is clearly a huge boost to Speedy, which published annual figures this week in line with its forecasts in April, showing a fall in revenues, but better pre-tax profits, which soared by 183.3%, from £1.8m in 2023, to £5.1m in 2024.

Turnover in the year to March 31, 2024, dropped by 4.3% for the Newton-le-Willows-based group, to £ 421.5m, due to a “challenging market backdrop”, it said, but hinted at a “promising pipeline of further opportunities.”


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