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Sun May 26 2024

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Speedy up 5% in first quarter

18 Jul 12 Speedy Hire has seen its revenues increase 5.6% in the past three months compared to last year.

The rise in underlying group revenues for the three months to 30 June 2012 - the first quarter of its financial year - comes despite the impact of the Easter break, May bank holidays and the Queen's Jubilee.

Within the UK & Ireland Asset Services division, which constitutes more than 95% of group revenues, underlying revenues were up 2.5% on the same period last year.

The international division grew 61% in the quarter, thanks to continued growth in oil and gas projects across the Middle East region and in Abu Dhabi in particular. Having moved to a break-even position during the second half of FY12, the business is now trading profitably at an operating profit level and is on track to make further progress during FY13.

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At the company’s annual general meeting today chairman Ishbel Macpherson will tell shareholders: "The new financial year has begun satisfactorily and first quarter performance remains in line with management expectations.

“Against the backdrop of ongoing uncertainty in the construction sector, the Group's key growth areas of water, waste, energy and transport continue to offer opportunities for the business and provide management with confidence that Speedy will continue to make further progress in the current financial year.

“As previously announced, we expect the Olympics to impact on trading in the second quarter. However we continue to make steady progress through working closely with our key customers, cautiously investing in our fleet, developing our property base and driving further efficiencies through the business. With its market leading position, strong balance sheet, and continued focus on self-help and growth markets, the board remains confident that the group is well positioned for the future."

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