23.11.2005

WAHR helps Speedy rise 21%

Speedy Hire the rapidly growing UK tool and equipment rental company, has reported a 21 percent increase in revenues to £120 million in its first half, with operating income up 23 percent and profits before tax up by 16 percent to £13 million.

The company said,” The continued drive for improved working conditions and a safer working environment bring ever increasing opportunities for hire. This year two specific pieces of legislation were introduced that are having a dramatic impact on working practices and therefore the equipment used;

The Working at Height directive and most recently the Hand Arm Vibration directive. These two acts demand the use of safer, more capital intensive products which maintain the momentum to outsource equipment needs".

Speedy has also for the first time reported its equipment division separately from Tool hire.

It shows that Tools represented £71 million of revenue an increase of 16 percent, while equipment revenues were £51 million, an increase of over 30 percent. In terms of profitability, tools increased 19 percent to £10.4 million, while equipment rental improved by 40 percent to £9.6 million.


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Speedy’s Outlook for 2006

Commenting on the outlook for the second half and 2006 in general, chairman, David Wallis and CEO Steve Corcoran said: “Central or local government is the principal client for major new works in our traditional construction markets. These remain, by and large, strong and stable and have grown steadily and consistently over many years. Our key customers within that industry continue to report high levels of activity and many report record order books. In addition, we continue to win more business in markets new to us, such as oil, steel, industrial services and specialist manufacturing”.

“Our strategy has ensured that we maintain a diverse range of customers, an increasingly broad range of quality equipment and a national geographical spread with no reliance on one region or product. Speedy Hire is in excellent shape. Subject to there being no significant change in the economic outlook, we are confident of reporting further progress”.