Shares of Speedy Hire plc, the Newton-le-Willows-based tools and equipment hire firm, rose about 9% on Thursday after the company said its underlying revenues increased 13.8% to £434.3 million and adjusted profit before tax increased 6.6% to £32.1 million in the year ended March 31, 2023.

Statutory profit before tax fell 93% to £1.8 million “significantly impacted by the £20.4m asset write off in the year …”

Full year dividend will rise 18% to 2.60p.

In its outlook, Speedy Hire said: “Recent key contract wins and extensions, as well as strong pipeline, gives confidence in meeting our expectations for the coming year.”

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

“We are excited about executing on our new growth strategy, Velocity, which provides clear direction for the business and we expect it to deliver long term benefits to our customers, our people and our investors.

“We have made an encouraging start to FY2024 with a strong pipeline of new customer and project based opportunities.”