Speedy Hire first-half revenues rise
Tool and equipment hire company Speedy Hire posted a rise in revenue on Thursday thanks to a strong performance from its SME business,with trading in the second half set to improve.
FTSE All-Share
4,378.75
17:14 23/04/24
FTSE Small Cap
6,451.71
16:54 23/04/24
Speedy Hire
26.80p
16:34 23/04/24
Support Services
10,639.30
16:59 23/04/24
In an update for the period to 30 September ahead of its half-year results, the group said revenue, pre disposals, rose around 6% on the previous year, with hire and services revenues up around 1% and 13%, respectively.
Revenue from SME customers was up more than 25% in the first half.
Net debt is expected to come in at around £86m, down from £89.4m at the end of March. This reflects continued investment in hire fleet, which is predicted to reduce in the second half of the year, Speedy Hire said.
The company secured a number of contract wins and extensions during the period, including CALA Homes and Peel Ports.
"As a consequence, the second half of the year is anticipated to be stronger than the first half," it said, adding that adjusted pre-tax profit for the year should be in line with the board's expectations.
At 0900 BST, the shares were up 1.6% at 52.40p.