Express & Star

Annual profits and sales rise for Speedy Hire

Tools and equipment hire services company Speedy saw pre-tax profits rise 250.6 per cent to £29.1 million for the year to the end of March.

Speedy operates the Speedy Hire network

Revenue for the group, which operates the Speedy Hire chain, was up 16.4 per cent to £386.8m.

Chief executive Russell Down said: "I am pleased to report results that reflect the strong performance we have achieved this year. We have continued to progress our strategic goals by taking market share, developing a first class digital customer experience, prioritising our people and leading on ESG. This performance is testament to the hard work and dedication of all my colleagues."

Mr Down said Speedy had made an encouraging start to 2022-2023 with volume growth and price increases more than offsetting cost pressures.

He added that the board remains confident that it will meet its expectations for the year.

In hire revenue growth was up 17.9 per cent and the group won a number of new contracts and renewals with key customers including Costain, the Home Office, MGroup and Redrow Homes.

There was investment in the hire fleet of £68.4m to satisfy customer demand.

There has also been investment in developing a retail business in partnership with B&Q which is now in 36 stores.

Underlying revenue is up around eight poer cent since the start of April.

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