Speedy Hire PLC (LSE:SDY) has made an encouraging start to the current fiscal year with volume growth and price increases more than offsetting cost pressures.
In its results statement covering the year to the end of March 2022, the tool and equipment hire firm said underlying revenue since the end of March had risen by around 8% from the same period of 2021.
The group's key end markets are expected to deliver growth through demand-driven volume improvements, particularly from major infrastructure and energy projects including the HS2 rail project and nuclear projects.
The board said it remains confident of achieving its fiscal 2023 objectives.
As for the fiscal year just ended, adjusted profit before tax rose 72.0% to £30.1mln from £17.5mln the year before on revenue that rose 16.3% to £381.7mln from £328.1mln the previous year.
“We have continued to progress our strategic goals by taking market share, developing a first-class digital customer experience, prioritising our people and leading on ESG. This performance is testament to the hard work and dedication of all my colleagues,” said Russell Down, the chief executive officer of Speedy Hire.
Speedy Hire shares were up 3.3% at 47.3p in early deals.