Speedy Hire's interim revenues boosted by services unit
By Iain Gilbert
Date: Wednesday 13 Nov 2019
(Sharecast News) - Tools and equipment hire service company Speedy Hire reported an increase in both interim revenues and profits, boosted by its services unit.
Speedy said revenues for the six months ended to September 30 were up 5.7% year-on-year to £205.7m, driven by a 14.2% increase in services revenues following its acquisition of Geason Training and growth in the Lloyds UK testing business.
Hire revenues increased 0.8%, helped by the acquisition of powered access hire specialist Lifterz. Average asset utilisation rates for the period were broadly flat - up from 56.2% to 56.5%.
Pre-tax profits shot up 21.5% to £16.4m, while adjusted earnings per share grew 21.9% to 2.56p.
Chief executive Russell Down said: "In spite of the current uncertain UK political backdrop, we remain confident of delivering full-year results in line with our expectations."
As of 0930 GMT, Speedy shares were up 1.48% at 55.41p.
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