Speedy recovery ‘well established’

INDUSTRIAL equipment rental company Speedy Hire has continued its recovery, with cost-cutting measures and asset disposals boosting first-half profits by 240% to £6.8m.

The Newton-le-Willows-based company has reported adjusted pretax profits of £6.8m for the first half tot he end of September, up from £2m last year.

The significant increase in profits was on a pre-disposal revenue increase of 5.2% to £171.4m (2015: £162.9m).

Russell Down, chief executive, said: “These encouraging interim results confirm that our recovery is well established.

“We are now focussed on the strategic development of the business over the medium-term and are implementing a range of customer service initiatives to ensure that Speedy is competitively positioned to grow profitable market share.”

Speedy said it expects full-year results to be ahead of previous expectations.

The dividend increased 10% to 0.33p a share.