Speedy Hire's interim revenues boosted by services unit
Tools and equipment hire service company Speedy Hire reported an increase in both interim revenues and profits, boosted by its services unit.
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Speedy said revenues for the six months ended to September 30 were up 5.7% year-on-year to £205.7m, driven by a 14.2% increase in services revenues following its acquisition of Geason Training and growth in the Lloyds UK testing business.
Hire revenues increased 0.8%, helped by the acquisition of powered access hire specialist Lifterz. Average asset utilisation rates for the period were broadly flat - up from 56.2% to 56.5%.
Pre-tax profits shot up 21.5% to £16.4m, while adjusted earnings per share grew 21.9% to 2.56p.
Chief executive Russell Down said: "In spite of the current uncertain UK political backdrop, we remain confident of delivering full-year results in line with our expectations."
As of 0930 GMT, Speedy shares were up 1.48% at 55.41p.