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Speedy Hire expecting a stronger second half

Net debt is predicted to reduce in the second half of the year

Speedy Hire Plc - Speedy Hire expecting a stronger second half

Equipment hire firm Speedy Hire PLC (LON:SDY) expects the second half of fiscal 2019/20 will be stronger than the first half.

The company’s shares climbed 3.1% to 53.2p after the company said it secured a number of contract wins in the first half of its financial year from which it will begin to derive benefit in the second half.

The board said full-year profit before tax is expected to be in line with expectations.

Revenue in the six months to 30 September was up about 6% year-on-year, the company revealed, with particularly strong growth in the small-to-medium enterprise segment, where revenues were up by more than a quarter on the year before.

Revenue from hiring out kit nudged up by around 1% year-on-year while services revenue improved by 13%.

Net debt at the end of September is expected to be around £86mln once the numbers are totted up, compared to net debt of £89.4mln at the end of March.

Quick facts: Speedy Hire PLC

Price: 50 GBX

Market: LSE
Market Cap: £263.5 m

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