Speedy Hire FY in line as demand drives revenue growth

5th Apr 2022 07:57

(Sharecast News) - Tool, equipment and plant-hire services company Speedy Hire said it expected full-year results to be in line with expectations, driven by higher revenues and strong demand as the economy recovers from the Covid pandemic.

The company on Tuesday said UK and Ireland hire revenue 5% ahead of fiscal 2020. Fourth quarter hire revenue was up 7% year on year.

"This has been supported by positive end markets, with strong demand resulting in increased volumes, better rates and higher utilisation, on an enlarged hire fleet," said chief executive Russell Down.

"The group's key end markets continue to deliver growth through demand-driven volume improvements, with better rates helping to mitigate inflationary cost pressures."

Speedy said it had invested around £70m in the hire fleet during the 12 months to March 31, accelerating its capital expenditure programme in response to continued strong demand and to mitigate supply chain pressure.