Speedy Hire in the black

Published:  15 November, 2012

NEWTON-LE-WILLOWS: Tool and equipment rental group Speedy Hire has moved back into the black, posting a £4.7m profit for the six months to the end of September.

Speedy, which posted a £2.3m loss this time last year, said underlying revenues had increased 6.% to £169.1m in an "encouraging" first half of its financial year.

UK revenues grew 4.2% to £160.6m. Speedy said its market share remained strong and it was well positioned to grow revenues from its key water, waste, energy and transport markets.

Chairwoman, Ishbel Macpherson said: "We are pleased with the progress made in the first half of the year, which clearly demonstrates that our consistent strategy is delivering results.

"Against a backdrop of challenging market conditions, Speedy has increased revenue and improved operating margins and returns, continued to implement efficiency initiatives and reduce costs across the business, whilst still investing to support key customers and areas of growth in both the UK and international divisions."

She said: "The balance sheet remains strong and we are improving the overall return on capital employed."

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