‘Customer excellence’ strategy delivers 25% profit growth for Speedy Hire Plc

Tool and equipment hire business Speedy Hire Plc has driven profits up 25%.

The Newton-le-Willows-headquartered company achieved a pre-tax profit of £18m in the year to March 31 2018, up from £14.4m in 2016/17.

Revenues for the period grew from £369.4m to £377.4m, an increase of 2.2%.

Speedy attributed part of the growth in profitability to its new ‘customer excellence’ strategy, which included customer surveys and user experience improvements to its mobile app.

Chief exec Russell Down commented: “We are delighted with these results which reflect a strong operational performance, robust capital management, the benefits of the strategy which was launched in September 2015, the impact of our recovery initiatives and some earlier than expected acquisition synergies.

“The market remains competitive; however the current year has got off to an encouraging start with revenue ahead of the comparative period on a like-for-like basis.”

He continued: “Whilst we are early into the new financial year, and some of the benefits from the acquisitions have been realised, we are confident of delivering further progress in the year ahead in line with our current expectations.”