SME boost for Speedy

It has been a strong first half of the year for Speedy Hire, helped by business from SMEs (small to medium-sized enterprises), according to a trading update released ahead of the full publication of its half-year results in mid-November.

The UK-based tool and equipment rental company said group revenues increased by about 6% compared to the same period in the previous year.

Within that, rental and services revenues grew by about 1 and 13% respectively.

Revenues from SME customers continued to grow strongly, up by more than 25% on the first half of 2018.

The company’s net debt is expected to be around £86 million, compared to £89.4 million on 31 March 2019. This reflects continued investment in fleet, which is likely to decrease in the second half of the year.

The second half of the year is expected to be stronger than the first, due to the securing of a number of contracts. As a result, the group’s adjusted profit before tax for the full year is forecast to be in line with the board’s expectations.