Speedy Hire upbeat as revenues see healthy growth

TOOL and equipment rental company Speedy Hire is in a good position to benefit from the continuing recovery in the domestic construction sector, according to chair Ishbel Macpherson.

Addressing the Newton-le-Willows company’s annual meeting she said revenues in the three months to the end of June are up 15.7%, with both economic and market conditions continuing to strenghten.

In the UK & Ireland Division, which constitutes 94% of all Speedy’s  revenues, there was revenue growth of 15.6% (10.7% before planned disposals) in the same period.

To harness growth in key cities such as Manchester – where Manchester Chamber of Commerce’s report last week revealed a near £10bn pipeline of construction projects over the next three years – Speedy launched an ‘Own City’ campaigns, which are already beginning to make a contribution.

Ms Macpherson said: “Whilst it is early days, we have seen good progress in all our target cities, in London and Manchester in particular we have seen growth over the same period in the prior year of 18.9% and 17.2% respectively”

Referring to the previously troubled and scandal-hit Middle East-based International Division she said a new management team was now embedded and is focused on restoring the unit to profitability.

She added: “I am pleased to report that the company has worked hard to focus on the opportunities arising throughout the UK, and Speedy is in a good position to exploit the numerous opportunities for growth that are emerging as the market continues to recover.

“The board is therefore confident that the group is on track to deliver results for the full year in line with its expectations.”