Speedy boosted by SME business

Speedy Hire said its strategy of increasing business with SME customers had resulted in “strong growth” in revenues, while telemarketing and targeted sales using machine learning techniques had resulted in a “notable increase” in customer numbers. It said these initiatives had more than offset the fall is revenues from the collapse of Carillion.

The UK-based company reported a 6.5% increase in revenues to £192.8 million for the six months to 30 September, with profit before tax more than doubling to £13.2 million.

Speedy’s international business, in the Middle East, saw revenues up by 23.4% to £17.4 million and its joint venture in Kazakhstan “performed well” as a result of increased shutdown activity.

Russell Down, Chief Executive, said; “These results demonstrate the progress we have made in implementing a customer focused strategy and growing our SME customer base. We have further improved our customer service proposition and the use of technology to better manage the business and meet market challenges. We remain confident of delivering a result for the full year in line with our expectations.”

During the period Speedy introduced a same day service promise, which was originally launched in London but extended nationwide in May. That commitment has subsequently been augmented to include four hour delivery in the London area.