07.02.2017

Upbeat Speedy statement

UK rental company Speedy Hire issued a trading statement earlier today stating that it expected to complete the year which ends in March ahead of expectations, having achieved 10.6 percent revenue growth in the third quarter.

The statement said: “Group revenues for the third quarter, on a like for like basis (pre-disposal), were 10.6% ahead of the prior year, in part benefiting from the timing of the Christmas holiday period. The group's recovery plan to improve the efficiency of operations remains on track with reduced overheads, and rental assets and net debt both lower than at the half year end.”

“The group announced the acquisition of the brand, business and assets of Lloyds British Testing Ltd on 19 December 2016. The integration is progressing well with a number of revenue and cost synergies expected to be realised. The results of Lloyds British will not materially affect fiscal year 2017’s underlying profit before tax.”

“Speedy has implemented a number of customer service initiatives which have led to improving revenue and the retention of major framework contracts. These include a contract renewal, and scope extension, with Carillion, which in total could be worth up to £45 million over three years. As a consequence of the improving revenue trend and better operational efficiency, the board anticipates that adjusted profit before tax for the full year will be ahead of its previous expectations.”