18.07.2006

Speedy reports strong first quarter

At the Speedy Hire Annual General Meeting held at 11:00am today chairman David Wallis gave a brief overview to the first quarter of its financial year.

First quarter revenues increased by 29 percent on the same quarter last year. 25 Percent up when adjusted for the recent LCH Generators acquisition. He also reported that both the Tool Hire and Equipment divisions performed well, with tool hire revenues up 17 percent like for like same depot revenues were up by 7.4 percent.

The equipment division saw revenues jump by 50 percent.

Wallis also said: “Our major customers continue to report strong order books and the market outlook remains positive. There is some evidence of certain government-backed projects being delayed. However, trading performance is in line with our expectations and overall we remain confident of reporting further progress for the group throughout the remainder of the financial year.”