Speedy Hire PLC (LSE:SDY) has signalled a resilient performance over the start of the year as it looks towards a stronger second half and the impact of new government housing targets.
Despite ongoing challenging conditions, the tool and equipment hiring firm said it had performed well over the year so far in an update on Thursday.
Hire revenue was in line with the same time last year, Speedy Hire reported, with the group previously reporting the figure sat at £125.6 million over the first half of 2023.
“As we have communicated previously, there will be a second half weighting to revenues and profits as we continue to mobilise our significant contract wins,” the company added.
This includes a new deal with engineering firm Amey, which is expected to begin feeding through in the final quarter.
Speedy Hire added it was “encouraged” by the new Labour government’s housing plans, which include aims to build 1.5 million homes over the next five years.
“The group remains well positioned to respond quickly to changes in market conditions and to capitalise on future opportunities,” Speedy Hire said.
Shares climbed 0.4% on Thursday morning.