Steady progress for Speedy

SPEEDY Hire, the country’s largest equipment and tool hire group, says it is making “steady progress” and adjusted revenues rose 7.6% in the last quarter of 2011.

The Newton-le-Willows-based group  said trading from October 1 last year to February 14 had been in line with the board’s expectations, despite the mild December and January supressing demand for heating and drying equipment.

It said trading in the second half is always influenced by the Christmas period when the weather and holidays cause activity for clients to be reduced.

“Whilst in January, the initial speed of recovery following the Christmas period was slower than expected as the mild weather resulted in lower revenues from heating and drying equipment, subsequently, trading has benefited from the recent bout of cold weather together with improved revenues from non-weather related activity.”

The company, which operates from more than 300 sites nationwide and also has a presence in the Middle East, said it had maintained its focus on the regulated industries and private sector investment markets of water, waste, energy and transport.

It added: “Speedy is making steady progress despite the challenging market conditions and uncertain economic outlook and the board remains confident of meeting its expectations for the financial year.”