16.10.2014

Speedy issues trading update

UK based rental company Speedy Hire has issued a trading update ahead of its interim results which will be announced in November, for the six months ended 30th September.

The statement is as follows:

“Activity levels in the UK & Ireland were significantly higher than in the comparable period in 2013 with revenues for the first half expected to be up by approximately 11 percent year-on-year reflecting continued growth of the business, which is underpinned by a strong performance from partnered services. A number of contracts were won during the period and levels of contract bidding remain high.”

“In the International division, revenues were up by approximately 31 percent (after restatement of prior year International division revenues) year-on-year. The remedial actions implemented in the Middle East by the new management team are having a positive effect on the business albeit the flow through to profitability is taking longer than expected.”

“Following the strong performance in the UK & Ireland, which has continued into the beginning of the second half of the year, Speedy is on track to deliver a result for the full year in line with the board's expectations.”