14.11.2012

Speedy half year results

UK general rental company Speedy has released a solid set of results for the six months to the end of September.

The full results, which follow a preliminary trading statement last month, show that overall revenues grew by 4.5 percent to £169.1 million, of which the UK & Ireland was £160.6 million – 4.2 percent higher than last year.

International revenues jumped 77 percent to £8.5 million. Pre-Tax profits for the period were up almost 70 percent to £4.7 million – most of which was made in the UK, although the international business moved into black for the period with an operating profit of £300,000.

Capital expenditure for the period increased from £30.5 last year to £41.3 million this year of which £36 million was spent on new equipment, while £9.1 million of older equipment was sold off. Net debt at the end of the period increased to £82.6 million from £77 million last year.

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.”
to see Speedy’s earlier trading statement, complete with Vertikal Comment click here