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Mon May 20 2024

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Speedy returns to profit

14 Nov 12 Speedy Hire has seen a slight improvement in revenues in first-half revenues and turned around last year’s losses.

Revenues reached £169.1m for the six months to 30 September, up 6.4% from the £158.9m of H1 2011, excluding the accommodation operation that was sold off in April 2011.

Last time’s pre-tax loss of £2.3m became a profit of £7.0m this time, while return on capital employed increased to 7.0% (2011: 6.4%).

Chairman Ishbel Macpherson said: "We are pleased with the progress made in the first half of the year which clearly illustrates that our consistent strategy is delivering results.

“Against a backdrop of challenging market conditions Speedy has further increased revenue and improved operating margins and returns; continued to implement efficiency initiatives and reduce costs across the business; whilst still investing to support key customers and areas of growth in both the UK and International divisions.

“The board's focus remains on generating high quality, secure and transparent earnings across the group, from markets where capital investment is more certain.  The balance sheet remains strong and we are improving the overall return on capital employed.  The board therefore remains confident of Speedy meeting its expectations for the financial year."

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