Speedy Hire revenue rises 16% to £387m

Shares of Speedy Hire plc, the Newton-le-Willows-based tools and equipment hire firm, rose about 4% on Monday after it said its revenue increased 16.4% to £386.8 million in the year to March 31, 2022, and adjusted profit before tax rose 72% to £30.1 million.

Full year dividend rises 57.1% to 2.20p per share.

The firm said it has made an encouraging start to FY 2023 with underlying revenue up 8%.

Speedy Hire said it secured a number of new contracts and renewals with key customers including Costain, the UK Home Office, MGroup and Redrow Homes and reported a strong performance from its joint venture in Kazakhstan.

The firm said it made a significant investment in its hire fleet of £68.4 million to satisfy customer demand and that a share buyback programme of up to £30 million commenced in January 2022 “reflecting the group’s cash generative ability and strong balance sheet.”

Speedy Hire CEO Russell Down said: I am pleased to report results that reflect the strong performance we have achieved this year. 

“We have continued to progress our strategic goals by taking market share, developing a first class digital customer experience, prioritising our people and leading on ESG.

“This performance is testament to the hard work and dedication of all my colleagues.

“We have made an encouraging start to FY2023 with volume growth and price increases more than offsetting cost pressures.

“Against a backdrop of positive end-markets and our unique leading service and ESG customer propositions, the board remains confident that we will meet its FY2023 expectations.”