Speedy Hire reports improvements

18 July 2014

UK-based rental company Speedy Hire said revenues increased 15.7% year-on-year for the three months ended 30 June, 2014, and business conditions were also improving.

In a brief statement to the market, outgoing chairman Ishbel Macpherson said, “Economic and market conditions in our core markets continue to show signs of improvement, and the positive revenue trends are in line with management expectations.”

The company’s UK and Ireland Division, which constitutes 94% of group revenues, reported year-on-year revenue growth of 15.6% in the quarter.

Ms Macpherson added that the company’s three-year contract with Babcock International Group, signed earlier this year, was now “fully mobilised… we are progressing the award as a Preferred Bidder for a Tier 1 contract with Balfour Beatty.”

Ms Macpherson said, “I am pleased to report that the company has worked hard to focus on the opportunities arising throughout the UK, and Speedy is in a good position to exploit the numerous opportunities for growth that are emerging as the market continues to recover.

“The board is therefore confident that the group is on track to deliver results for the full year in line with its expectations.”

Ms Macpherson also said Speedy’s new UK and Ireland senior management team was now in place, while the new management team in its international division was also now embedded and continued to deliver on the business' key contracts.

“The key focus of this team is to return the division to profitability,” Ms Macpherson explained.

Ms Macpherson is due to step down when the group’s interim results are announced in November this year. The decision followed a tumultuous year for the group in the Middle East.

Speedy’s end of financial year results saw a loss of £4.3 million (€5.4 million) in its international division as a result of the deliberate actions of a small number of employees who have now left the business, explained the company in a previous statement.