Speedy Hire Q4 sales rise 4.8%

11th Apr 2011 07:36

Plant hire specialist Speedy Hire said revenues, excluding fleet equipment sales, in the three months to 31 March rose by 4.8% from the year before while expectations for the new financial year remain the same. In the UK Asset Services business, fourth quarter revenue, excluding fleet equipment sales, increased by 3.9%, despite lower revenues within both the Engineering Services and Space operations, the group said.Excluding the impact of the expiry of a Network Rail maintenance contract within Engineering Services, fourth quarter revenue for UK Asset Services rose 6.5%.The volume of equipment on hire in the UK fell 1% in the March quarter compared to the quarter ending 31 December 2010. Over the course of the year, March 2011 UK volumes are down 0.6% and UK hire rates are up 9.9% from March 2010. Meanwhile fourth quarter trading in the start-up International and Training & Advisory Services divisions was encouraging, with revenues up around 50% and over 120% respectively compared to the same period a year earlier.Speedy Hire commented, "Notwithstanding this encouraging performance, the Board maintains its cautious view about short term recovery prospects and cost pressures in the UK and is mindful of the political tensions in the Middle East. Therefore its expectations for the new financial year are unchanged."The board considers that, "Speedy is well placed to benefit from the eventual market recovery." Net debt at 31 March 2011 fell to £115m from £119.3m the same time a year before. CJ