Profit boost at Speedy as it retains major rental deals

Speedy said improved revenues and the retention of some major rental agreements – including one with Carillion – would result in higher than previously expected profits for the year to 31 March.

The company, which is one of the UK’s largest equipment rental companies, said that customer service initiatives had led some major clients to renew their framework contracts. These include a three year deal with Carillion valued at up to £45 million.

Like-for-like revenues for the third quarter of the year – to the end of December – were up 10.6%.

In its trading statement Speedy said; “The Group's recovery plan to improve the efficiency of operations remains on track with reduced overheads, and rental assets and net debt both lower than at the half year end.”

Speedy reported that the integration of Lloyds British Testing Ltd, which was acquired in December last year, was “progressing well with a number of revenue and cost synergies expected to be realised.”