Speedy Hire trades well despite 'continuing challenging conditions'

Tools and equipment rental business Speedy Hire said on Thursday that it had "performed well" year-to-date, despite "continuing challenging conditions" in certain end markets.

Speedy Hire said year-to-date hire revenue was in line with the same time a year earlier, noting that there will be a second half weighting to revenues and profits as it continues to mobilise "significant contract wins".

The London-listed group stated it remains "well positioned" to respond quickly to changes in market conditions and to capitalise on future opportunities, benefitting from its "diverse" end market exposure, broad customer base and operational efficiencies.

Speedy Hire added that it was "encouraged" by the new government's plans, although at an early stage, to support residential housing market growth, and it looks forward to long-term infrastructure projects continuing to be supported.

It also noted that overall, trading was in line with internal expectations for the full year.

As of 1025 BST, Speedy Hire shares were flat at 37.85p.

Reporting by Iain Gilbert at Sharecast.com