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Growth for Speedy services

3 Oct 19 Plant and tool hire chain Speedy is expected to show modest growth in revenue and profit when it posts its half-year results next month.

In a trading update today Speedy said that group revenue (before disposals) increased by 6% for the six months to 30th September 2019 on the prior year. 

There was more growth in its services operation than the hire side. Services revenue grew by about 13% compared to the same period a year before, while hire revenue was up just 1%.

Revenue from SME customers continued to grow strongly, up by more than 25% in the first half, Speedy said.

Net debt is down a little, from £89.4m on 31st March this year to about £86m.

The second half of the year is expected to be stronger than the first half.  Investment in the hire fleet is expected to slow, reducing outgoings, and new contract wins and extensions, including with Cala Homes and Peel Ports, will boost revenues.

As a consequence, the board expects adjusted profit before tax for the full year to be in line with expectations.

Speedy is scheduled to announce its half-year results on 13th November 2019.

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