UK rental company Speedy Hire has posted a 2017 revenues increase of 12.2%, to £369.4 million (€423.06 million), compared to the previous year.
Speedy said that it addressed the SME market in 2017 and improved its non-hire revenues, citing these as reasons for a growth in its revenues.
The company’s hire fleet reduced by 11.4% to £194.8 million (€223.1 million), as a result of targeted disposals and improved asset utilisation, while its net debt fell significantly to £71.4 million (€81.77 million). Return on capital employed (ROCE) increased 140.6% year-on-year, to 7.7%.
Russell Down, CEO, Speedy Hire, said, “These results reflect the benefits which have been realised following implementation of the recovery plan that was put in place last financial year.
“The recovery plan is now complete and with the business stabilised, revenue growing, a lower cost and asset base, improved systems and management information, we have a strong platform for future profitable growth.”