Russell Down handed in his notice to the Speedy board earlier this month after seven years as chief executive, but will stay until a successor is appointed.
In what is likely to be his final set of annual results, he was able to show 16% revenue growth and 250% growth in pre-tax profit.
For the year to 31st March 2022 Speedy Hire plc generated revenue of £386.8m (2021: £332.3m) and pre-tax profit of £29.1m (2021: £8.3m).
Russell Down said that the improved results reflected “increased market activity and new customer wins and renewals”. Price increased helped too.
During the year Speedy sold its Middle East equipment fleet, stock and other fixed assets to its principal customer, the Abu Dhabi National Oil Company (ADNOC) and struck a deal with hardware retail chain B&Q to install Speedy desks in 36 of its stores to target retail customers. Speedy products can also now be hired via B&Q’s website.
Russell Down said: "I am pleased to report results that reflect the strong performance we have achieved this year. We have continued to progress our strategic goals by taking market share, developing a first class digital customer experience, prioritising our people and leading on ESG. This performance is testament to the hard work and dedication of all my colleagues.”
He added: "We have made an encouraging start to FY 2023 with volume growth and price increases more than offsetting cost pressures.” Revenue in the first two months of the new financial year is already running at 8% up on last year, he said.
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