Speedy makes steady progress

Published:  16 February, 2012

NEWTON-LE-WILLOWS: Speedy Hire said it continues to make steady progress despite challenging market conditions and that it remains confident of meeting full-year expectations.

The tool and equipment hire firm said in a trading update underlying revenues rose 7.6% in the third quarter of its financial year from October to the end of December, and that efficiency measures helped it improve profits.

Sales growth in its first quarter was 3% and in the second quarter was 4.1%. Speedy said its performance in January was affected by the mild weather, which resulted in lower demand for heating and drying equipment, but that the recent cold snap has boosted trading along with non-weather related activity.

Speedy expects to have opened three new superstores by the end of the month as it looks to improve customer service, product availability and operational efficiency to drive margin growth.

"The group has maintained its focus on the regulated industries and private sector investment markets of water, waste, energy and transport," the company said.

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