Speedy Hire sees full-year ahead of expectations

Speedy Hire said on Wednesday that its full-year results are likely to be ahead of the board’s previous expectations following a positive start to the year.

The tools, equipment and plant hire services company said revenues in the first quarter ended 30 June were slightly ahead of the comparable period, while overhead costs are significantly lower than in the previous year.

Net debt at 30 June was lower than the corresponding period last year and the group said it continues to have “substantial headroom” against its banking facilities, which expire in September 2019.

Speedy Hire said that while it is too early to gauge the impact of the EU referendum on its end markets, there has been no deterioration in trading to date.

“The board believes that the group's strategy and recovery plan provide the platform for full year results to be slightly ahead of the board's previous expectations.”

At 0910 BST, Speedy Hire share were up 5.6% to 33.00p.