Speedy tools and equipment are already available for hire at 38 B&Q stores around the UK. This is to be extended to more stores, as well as online for home delivery and collection.
The move represents a major push by Speedy into the DIY market.
Speedy chief executive Dan Evans said: “The digital evolution of our partnership with B&Q, launching our online, home delivery tool hire proposition on diy.com and trade-point.co.uk is a great step forward. This will then be extended into over 310 B&Q stores nationally for digital hire in-store as the financial year develops, through a low cost to serve, digital, in-store and online proposition.”
He added: “This low cost-to-serve combination of in-store and online hire, combined with our existing digital propositions and service centre network, will accelerate our strategic aim of increasing share within the trade and retail markets.”
The plan was revealed with Speedy’s half-year results, posted today, which showed slowing sales and profits and a warning that full-year results will be at the lower end of market expectations.
Speedy Hire’s revenue for the six months to 30th September 2023 was down 2.9% at £208.5m and pre-tax profit was down 58% at £5.6m.
"This set of results demonstrates our ability to perform resiliently against challenging but manageable market conditions, by maintaining price and cost discipline whilst investing in and executing on our Velocity Strategy,” Dan Evans said.
“The recent acquisition of Green Power Hire Limited and the launch of Speedy Hydrogen Solutions Limited in joint venture with AFC Energy to deliver market leading clean energy power generation and storage solutions for our customers, further demonstrates our Velocity strategy in action.
“The group has a promising pipeline of opportunities to deliver revenue growth in the second half and beyond. As in prior years, the group expects a second half weighting to its revenues and profits, as the winter programmes commence and new contracts fully mobilise in the period, including those communicated at year end. We expect to see the benefits of our investments in our Velocity strategy including operational efficiency and supply chain optimisation, in the second half and beyond. Whilst the macroeconomic outlook is uncertain, we remain confident of delivering results, albeit towards the lower end of the board's expectations."
Got a story? Email news@theconstructionindex.co.uk
