23.05.2007

Speedy sales rise 32%

Speedy Hire, one of the UK’s largest rental companies has announced its preliminary results for the full year 2006/7 to the end of March.

The company increased its revenues by 32 percent to £335.5 million, while profit before tax increased by a more modest 18.6 percent.

Tool hire increased by 17 percent while equipment rental jumped by almost 55 percent thanks to the acquisitions of Lifting Gear Hire and LCH, the generator rental business in May 2006.

David Wallis, Speedy chairman said: “We have seen strong performance in all our key metrics and momentum in the business remains strong. Health and Safety legislation together with customer requirements for supply chain improvements continue to provide an increased impetus towards the hiring of tools and equipment.

Faced with favourable markets, a strong financial position and an outstanding team, and subject to no material change in the economic outlook, I am confident of reporting further progress in the
year ahead.”

We will report in more depth when the results become final.