Plant hire firm Speedy has reported a 12% rise in revenue for the year ended 31 March 2017.

In its financial results, the Group's revenue increased from £329.1 million in 2016 to £369.4m this year, while profit before tax rose to £14.4m following on from a £57.6m loss last year.

Following a series of cost-cutting measures, net debt has been reduced from £102.6m to £71.4m.

Chairman Jan Åstrand said: "I am pleased to report that the actions undertaken by management have enabled us to report substantially improved results; revenue and profits have increased, the hire fleet has been reduced, utilisation rates increased, and net debt has fallen significantly. The business has been stabilised and we have created a solid platform for the future."


Russell Down, Chief Executive, said the results demonstrate how successful the company's turnaround plan has been, with "significant improvements across all financial and operational performance measures".

"Whilst we have made a solid start to the year, the market remains competitive," he said.

"With the business now stabilised and a strong balance sheet, we are well positioned to take advantage of market opportunities and continue to deliver sustainable profitable growth."

(LM/MH)