Speedy sees rise in SME business

Increased business with small and medium sized customers has offset lost revenues from Carillion, said UK-based Speedy in its trading update for the half-year to 30 September.

Revenues for the period are expected to be around 6.5% higher than in the same six months in 2017, with services revenues up 8.0%.

The company’s international business – comprising oil and gas related activities in Abu Dhabi, UAE, and a joint venture in Kazakhstan - “performed strongly” in the period.“UK and Ireland core hire like for like revenues are broadly flat, with strong growth in the higher margin SME market which has offset lost revenue following the liquidation of Carillion”, said Speedy.

Utilisation rates for UK and Ireland were approximately 56% for the half-year, compared to 54.7% for the same period in 2017.

Speedy said its adjusted profit before tax for the full year is expected to be ahead of the prior year and in line with its previous expectations.   

The half-year results will be published on 14 November 2018.