Speedy Hire trades in line and sees market improvements

16th Jul 2014 09:59

Building equipment rental company Speedy Hire reported higher revenue and said trading in its core markets was improving.Speedy Hire said revenue rose 15.7% in the three months to June 30th against the same period last year.It said economic and market conditions in its core markets continued to show signs of improvement and that positive revenue trends were meeting management expectations.In its UK & Ireland division, which makes up 94% of group revenues, revenue rose 15.6%, or 10.7% before planned disposals, versus the same time a year ago.The group has now fully mobilised its contract with Babcock announced in February and was progressing the award as a preferred bidder for a Tier 1 contract with Balfour Beatty."In addition we have won a number of new contracts with major customers," it said.The group has opened two more superstores, in Coventry and Aberdeen, and has secured further sites and started development works as part of an accelerated plan to complete its retail network.Speedy said new management in its international division had now settled in and was focused on returning it to profit.The group said: "Speedy is in a good position to exploit the numerous opportunities for growth that are emerging as the market continues to recover. "The board is therefore confident that the group is on track to achieve results for the full year in line with its expectations."Shares in Speedy Hire rose 3.5p or 6.6% to 56.5p at 09:31 in London.PW