Speedy Hire in line with management expectations

13th Jul 2011 12:54

Construction materials hire firm, Speedy Hire, said its performance was in line with management expectations in the three months to 30 June.The firm said that group revenues on a like for like basis, excluding fleet equipment sales, in the three months to 30 June were up 0.4% on the same period last year.This came despite the quarter's early trading being affected by the extended holidays which followed the late Easter and subsequent bank holidays in late April and early May, Speedy Hire said.However, in its UK & Ireland Asset Services division, which delivers about 95% of group revenues, like for like revenues were down 2.2%.The company said it had successfully completed the disposal of its Accommodation Hire operation for £34.9m and this had led to net debt being reduced to £79.9m last week from £113.9m at the end of March.Chairman, Ishbel Macpherson, said Speedy Hire would cautiously invest in its fleet, 'evolve' its property base and drive efficiencies through the business while it waited for an economic upturn.