Speedy names new chairman as sales advance
SPEEDY Hire named its new chairman as the equipment rental group said it had enjoyed a good first half of the year with strong revenue growth.
The North West company, which is in the midst of a period of change under the leadership of new chief executive Mark Rogerson, also confirmed the exit from today of finance director Lynne Krige.
Speedy’s new chairman is Jan Åstrand, who will join the board on November 1 and then take over from Ishbel Macpherson on November 11.
Mr Åstrand, a Swedish national, is currently chairman of easyHotel and a non-executive director of Northgate. His executive experience includes roles as president and chief executive of Axus International Inc. (previously known as Hertz Leasing International) (1994-99) and vice president, finance & Administration and chief financial officer of Hertz (Europe) (1989-94).
Retiring chairman Ishbel Macpherson said: “We are delighted that Jan is joining the board as chairman. He Jan brings enormous experience and his focused, strategic approach will be invaluable to the board and the executive team as Speedy focuses on the delivery of sustainable profitable growth.”
The company said the process to identify a new FD was “well advanced”. In the interim, its finance function is being overseen by group financial controller Ian Scapens and asset and information director Tracey Atkin.
In its trading update for the six months to September 30, Newton-le-Willows based Speedy said activity levels in the UK & Ireland were “significantly higher” than in the comparable period in 2013 with revenues for the first half expected to be up by approximately 11% year-on-year.
In the International Division – which was hit by major financial irregularities in late 2013 – and cost previous CEO Steve Corcoran his job, the company said progress was being made with year-on-year revenues up 31%.
However, it stated: “The remedial actions implemented in the Middle East by the new management team are having a positive effect on the business albeit the flow through to profitability is taking longer than expected.”
It added: “Following the strong performance in the UK & Ireland, which has continued into the beginning of the second half of the year, Speedy is on track to deliver a result for the full year in line with the board’s expectations.”
The company will report its half year figures on November 11.
