Construction News

16/11/2016

Speedy Reports 13.4% Rise In Revenue

Speedy Hire has reported its Group revenue rose by 13.4% to £187.1 million for the six months ended 30 September 2016.

The plant hire services firm also revealed its pre-tax profit was £5.4m, compared making a £57m loss for the year to March 2016.

Restructuring at the business saw the Group dispose of heavy plant to focus on developing core operations, with a 10% reduction in its hire fleet.

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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.

"Reflecting the progress the Group has made, we now expect results for the full year to be ahead of the Board's previous expectations."

(LM/MH)

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