Speedy Hire signs new deal with Babcock

3rd Feb 2014 13:40

Speedy Hire shares climbed after the equipment rental and support services provider entered into a three-year services agreement with Babcock under which it will provide support to all of its UK divisions. The agreement, under which Speedy Hire will provide an extended range of plant and equipment products and services, could potentially generate as much as £10m each year and makes Babcock one of its most significant customers. Newly appointed Chief Executive of Speedy, Mark Rogerson, said: "This new services agreement builds on the existing support that Speedy already provides to Babcock's Marine & Technology Division. I am delighted that Babcock has given us this opportunity of broadening and deepening our relationship with them."The company's share price rose 2.33% to 66p following the announcement on Monday. NR