UK-based tools and equipment rental firm Speedy Hire has announced a 5.9% rise in revenues for the first quarter of the current financial year, compared to last year.

A key driver of this growth has been demand from SME (small- to medium-sized enterprise) customers, with revenues from them jumping by 27.5%. The positive development was also helped by 1.2 and 13.4% increases in hire and services revenues respectively.

The company’s asset utilisation rates were up 56.8% on a rolling 12 month basis, and net debt came to £91.6 million (€101 million), largely unchanged from the end of the last financial year.

Return on capital employed (ROCE) for the 12 months to 30 June 2019 was 12.1%, compared to 11.8% at the same time last year.

Speedy Hire expects its full year results to be in line with the board’s expectations.