Speedy first half 'satisfactory' despite challenging UK

Speedy Hire reported a “satisfactory” performance for its first half year, ending 30 September, and said it was trading in line with expectations despite difficult conditions in the UK.

In its interim trading statement – ahead of the interim results announcement on 12 November – Speedy said the UK market remained challenging, with first half revenues down 0.1% compared to the same period in 2012. Second quarter revenues were up 0.4%.

Revenues in the UK and Ireland were down 2.1%, with the second quarter performing better than the first. The International division saw revenues up 28.5% against the prior year.

During the first half year Speedy established a presence in Qatar to work on opportunities in the oil and gas sector and government-backed infrastructure projects across the region.

Steve Corcoran, chief executive of Speedy Hire, said; “Whilst the UK market, particularly in construction, remains challenging, our strategy to diversify the Group’s revenues to secure both hire and service agreements from companies in non-construction related activities and internationally in the MENA region is generating results.

“With an improving trend in the UK and Ireland in Q2 and a strong H1 performance in the International division, the Group continues to trade in line with the Board’s expectations and remains well positioned to benefit from the future UK recovery, supported by a conservative balance sheet.”

The full half year results to 30 September will be published on 12 November.