Speedy Hire YTD trading in line with expectations

Tools and equipment hire company Speedy Hire said on Thursday that year-to-date trading was in line with internal expectations for the full year.

Speedy Hire stated that in the five months to August, hire revenue was roughly 6% ahead of the prior year and said it has secured new contract wins from major customers, effective from October, which were expected to offset the "recent weakening" in market conditions.

The London-listed group also noted that it has invested roughly £28.0m in its hire fleet in response to demand and to mitigate the impact of supply chain lead times and price inflation.

Looking ahead, overall trading was said to be in line with expectations for the full year despite the current "uncertain" macroeconomic outlook and high inflationary pressures.

Chief executive Russell Down said: "Revenue for the first five months of the financial year has remained strong, with new contract wins effective from the second half also secured.

"Whilst the continuing macroeconomic uncertainty and inflationary pressures may impact trading performance, our diverse end market exposure, broad customer base, and strong balance sheet provide resilience against changes in market conditions."

As of 0950 BST, Speedy Hire shares were down 0.38% at 39.35p.

Reporting by Iain Gilbert at Sharecast.com