Q1 revenues dip for Speedy Hire
SPEEDY Hire, the equipment hire and services provider to industry, has seen first quarter group revenues fall slightly by 0.8% but says it is trading in line with full year expectations, due to good progress in its international division.
The Haydock-based group, which has 264 depots and operates in the UK, Ireland and the Middle East, made the stock market announcement on its performance for the there months to the end of June sheds of its annual general meeting, to be held later today.
Chairman Ishbel Macpherson said: “In the UK and Ireland division, which constitutes 93% of group revenues, the continued strategy of developing the services revenue, combined with focus on the growth sectors of water, waste, energy and transport, has underpinned a resilient performance considering the difficulties that remain in the general construction sector.”
He added that the previous financial year had been positively impacted by significant infrastructure spend ahead of the Olympics and, as a result, revenue decreased by 2.6% against the first quarter for 2013.
The International division, meanwhile, has enjoyed first quarter revenues 30% ahead of last year.
“This has been driven by continued growth in oil and gas projects and the ZADCO project progressing in line with our expectations. Speedy has a strong pipeline of further opportunities in our target sectors of oil and gas and government-funded infrastructure which provide the International division with a good platform from which to make further progress in FY14 and beyond,” said Macpherson.
He added that the group is trading in line with management expectations for the full year.
