Speedy reports 14% revenue growth for 2022

UK tool and equipment hire company Speedy has announced a revenue growth of 14% for the 2022 financial year.

Photo: Speedy

Revealed in its year end trading update, the company says it “performed well”, with growth “underpinned by rate increases to counter inflationary cost pressures alongside a strong performance from the Services business.”

According to Speedy, it enters the 2024 financial “with confidence,” despite what it describes as a “softening of demand in recent weeks” due to the challenging trading environment.

However, the Group says that several initiatives, including an operational review and a management restructuring will deliver associated benefits in the region of £5 million (€5.6 million) a year.

Elsewhere, Speedy announced that adjusted profit before tax is expected to be in line with the expectation of the board, while it expects to report net debt at the year end of £94 million (€107 million).

The company also said that it will provide an update on its missing equipment fleet, which it reported in February, when it announces its final results on June 6.

An external review was launched after it found that non-mechanical equipment valued at £20 million (€22 million) was missing from its equipment fleet.