Member Article

Merseyside’s Speedy Hire revenue up 11%

Merseyside’s Speedy Hire who provide tools, equipment and plant hire services announced their interim results for the six months ending 30 September 2014.

The company report a positive start to the year and say that they are on track to deliver good results for the full year.

UK and Ireland revenue for the last six months was £176.3 million, up 11% on the same period last year.

Pre-tax profit for the last 6 months was at £5.3 million up from £3 million for the same period the year before.

They say that they are benefiting from the improving UK market, key new contracts and 4 new superstores opening.

They also have a new national distribution centre and another 3 superstores to open by the end of the financial year 2015.

In September 2014 they refinanced the group and secured £180 million 5-year asset based revolving funding, something that they hope will provide them with the flexibility to support their strategy for growth.

Chief executive officer, Mark Rogerson said, “This has been a positive first half of the financial year.

“Whilst these results primarily reflect our self-help measures and the delivery of early efficiency improvements, we have also begun to benefit from an improving market environment in the UK, thanks to a focussed and disciplined approach to our strategic accounts and re-engagement with our regional customers.

“We are on-track to deliver results for the full year in line with the Board’s expectations and our confidence for the future is underpinned by an increased interim dividend.”

This was posted in Bdaily's Members' News section by Sophia Taha .