Speedy’s results for the six months to 30th September 2022 show revenue up nearly 14% to £214.8m (2021 H1: £188.6m).
Profit before tax, however, dipped nearly 8% to £13.2m, compared to £14.3m for the same period in 2021.
Partly in response to the roll-out of Speedy booths in B&Q hardware stores, the company invested £30.5m in its hire fleet in the six-month period. First-half utilisation averaged 54.1% and is now at 58.1%.
Hire revenue was up 5.5% on last year; services revenue was up 29%, driven by fuel and energy sales and strong performance from the re-hire business.
Chief executive Dan Evans, who stepped up from chief operating officer to success Russell Down last month, said: "Revenue growth remained strong, with increased strategic investment in growth initiatives including retail and trade, marketing and ESG.
“Revenue growth is continuing with new contract wins, the effect of actions taken on price and a healthy pipeline of customer activity which gives confidence for further growth in the second half. Whilst the macroeconomic outlook is uncertain and inflationary pressures remain high, I take over as chief executive at a time when our business is performing well, is resilient and positioned to manage changes in market conditions. We remain confident of delivering results in line with the board's expectation for the full year."
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