Speedy makes progress in UK

Speedy Hire’s UK and Ireland revenues were up 3.3% in the quarter to 11 February with new contracts providing “momentum” for the business.

In its interim statement for the quarter Speedy also said investigations into the accounting problems at its Middle East business were nearing conclusion with announcements to be made soon.

Results at the International division – dominated by activities in the Middle East – are running behind expectations as Speedy builds a new management team in the region.

“Notable new contract wins and mobilisation of contracts won earlier in the financial year are providing further momentum [in the UK and Ireland]”, said Speedy. It added that it was making good progress with its new depot structure in the UK, with a new Multi-Service Centre opening in Glasgow and four new Superstores becoming operational during the quarter.

Speedy said it was on course to meet its expectations for the full year. The company will issue a trading statement on 26 March ahead of its preliminary results on 13 May.