Speedy Hire plc, the Newton-le-Willows-based tools and equipment hire firm, said it has secured a new long-term contract with Amey Group Services worth up to £25 million a year in revenue. 

It said the contract, due to take effect in the second half of its financial year, related to the provision of non-operated plant hire to Amey’s operations on a range of sector contracts including rail, highways and public estates. 

Speedy Hire’s shares jumped 11% on the London Stock Exchange. 

Dan Evans, Chief Executive, Speedy Hire, said: “We are delighted to commence our relationship with Amey, by securing this new contract which is testament to our leadership position in our sector, along with our ability to service major customers with commercially sustainable products and services.”

Earlier this week, Speedy Hire reported a drop in full-year sales but said growth would return in the second half of this financial year, helped by new contracts.