Speedy Hire profits ‘ahead of expectations’

Leading UK tools, equipment and plant hire services company Speedy has said its adjusted profit for the year to 31 March is expected to be “slightly ahead of market expectations”

Speedy announces its full results next month and its latest update also said that revenue should be in line with what the market was expecting.

The update said the expected result “reaffirms the strength of Speedy’s strategic and major customer relationships.”

During the year, it opened a new national distribution centre in the English midlands and completed a programme of eight multi-service centres and 38 superstores ahead of schedule.

However, the Speedy Group was forced to withdraw from its Middle East rental operations after incurring substantial losses.

The final results for 2014-15 will be announced on 12 May.