Speedy on track despite slight decline in first quarter

Speedy Hire said it was on track to achieve expected full year results despite a slight decline in its revenues for the three months to 30 June, the first quarter of its current financial year.

In a trading statement given at its AGM on 18 July, Speedy said group revenues for the first quarter were 0.8% down on the same period in the previous year.

Revenues in the UK and Ireland were down 2.6% - with the previous quarter having benefitted from high activity related to the London Olympics – while sales at the international division were up by 30%.

In the UK the company continues to focus on growth sectors of water, waste, energy and transport. Ishbel Macpherson, Speedy’s chairman, said these sectors “underpinned a resilient performance considering the difficulties that remain in the general construction sector.”

The growth in the international revenues resulted from increased activity in Abu Dhabi on oil and gas projects, primarily the ZADCO project. Speedy said it had a strong pipeline of further opportunities in our target sectors of oil and gas and government-funded infrastructure in the Middle East.

Speedy will issue interim results for the six months ended 30 September on 12 November and will issue a trading update on 17 October.