Speedy Hire H1 revenue up 28% to £186m

Shares of Speedy Hire plc, the Newton-le-Willows-based tools and equipment hire firm, rose 6% on Wednesday after it published results for the six months to September 30, 2021, showing a return to profit and an outlook that predicted full year results ahead of current market expectations.

Analysts’ consensus for the full year is adjusted profit before tax of £29.2 million.

Speedy Hire said first-half revenue, excluding disposals, rose 28.2% to £186.6 million, and profit before tax was £14.3 million compared with a loss of £400,000 a year earlier.

The company returned to interim dividend payments with a proposed dividend of 0.75p per share. 

Speedy Hire CEO Russell Down said: “We have delivered another strong set of results through the strength of our offering, efficient operational delivery and a supportive market backdrop.

Our focus on ESG, digital and customer service including our four-hour delivery promise, has once again yielded customer renewals and market share gains.

Positive trading momentum in recent months and the significant growth opportunities presented by major infrastructure projects give us confidence in delivering full year results ahead of current market expectations and sustainable growth in the medium term.”   

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