Steady improvement at Speedy Hire

20th Jul 2010 07:16

Plant hire specialist Speedy Hire said interim results so far have been in line with expectations as the underlying steady improvement continues into July.Revenues, excluding fleet equipment sales, in the three months to 30 June 2010 were down 0.7% from the same period last year."Whilst market conditions remain challenging this was in line with our expectations," the firm said.At its main UK & Ireland Asset Services division, monthly year on year comparisons gradually improved during the first quarter, it added. Both volume and average hire rates improved, particularly in the smaller tools and equipment area. Speedy said good progress continues to be made in both of its new operating activities, the International Asset Services and Branded & Advisory divisions. The firm said adjusted profit before tax is trading broadly in line with its expectations for the year."We remain confident that the business is well placed to benefit from the upturn in activity when market recovery takes hold." Net debt at the end of last week closed at £134.9m.