25.07.2018

Positive trading update from Speedy

UK rental company Speedy has issued a first quarter trading update with revenues up 6.6 percent on the same period last year.

Rental revenue was up 5.5 percent, while service revenues increased 8.4 percent. Organic growth in UK/Ireland business was around one percent higher, while the international business performed more strongly.

First quarter capital expenditure was four percent higher at £15.2 million, as average utilisation rates increased to 55.7 percent on a rolling 12 month basis. Net debt at the end of June was £67 million, down from £69.4 million last year

The company has also confirmed the appointment of non executive director David Shearer as chairman, succeeding Jan Åstrand from the start of October. Åstrand will remain as a non executive director.

Jan Åstrand said: "I am pleased to welcome David to the role of chairman. He is a valued member of Speedy's board, with considerable external experience. I am confident in his ability to lead the board in building on the solid foundation established during Speedy's recovery and helping achieve the next stage of its growth."

Shearer added: "I am delighted to be taking over from Jan as chairman of Speedy as we embark on the next phase of delivering the Company's growth strategy and look forward to working with Russell Down and the Board in the years ahead. On behalf of the board, I would like to offer thanks to Jan for guiding Speedy through the last four years and wish him well for the future."