Speedy Hire sees H1 revenue and profit ahead of last year

Tools, equipment and plant hire services company Speedy Hire said revenue and pre-tax profit for the first half are expected to be ahead of the previous year, while profit for the full-year will likely be ahead of its previous expectations.

In a trading update for the six months to the end of September, the group said that as previously indicated, the recovery plan has stabilised the business and continues to drive improved performance.

During the first half, the operational restructuring and focus on management of rental assets have continued, resulting in further improvements in operating performance.

Meanwhile, employee numbers have been reduced by over 100 from the start of the financial year.

Speedy said the costs associated with the operational restructuring and September's general meeting will be recognised as exceptional items.

It added that following the disposal of the large mechanical plant fleet, net debt will be significantly lower than in the comparable period and at the year end.

At 0817 BST, Speedy shares were up 7% to 36.10p.