Company
LON:SDY
Formed in 1977, Speedy Hire is a leading provider of equipment hire services to UK contractors and builders, industry, utilities and the public sector, operating from over 500 depots throughout the country. The Group was traditionally focused on tool hire, but now also has complementary businesses specialising in portable accommodation, lifting, surveying, compressed air systems, pumping and power generation equipment.
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The tools and equipment hire services company said hire revenue growth was 5.5% with improved pricing helping to mitigate inflationary cost pressures while service revenue increased 29.0% reflecting higher income from fuel and energy sales
"We have made an encouraging start to FY2023 with volume growth and price increases more than offsetting cost pressures," said Russell Down, the chief executive officer of Speedy Hire.
"I am pleased to report that our positive trading momentum has continued with further revenue growth in Q4,” said chief executive Russell Down
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A look at some of the major movers in London on Wednesday
Hire rates are returning to something approaching normal levels but there is still too much uncertainty for the board to reinstate full-year guidance
The Geason training business received a claim from a funding agency in late April 2020 alleging poor financial controls and overpayments of up to £2.6mln for the three year period commencing August 2017
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The benchmark of leading UK shares finished the afternoon session down over 46 points at 6,002
Larger superstores remain open only via digital platforms or by telephone for clients providing services deemed essential by the government
Two acquisitions powered 6% higher sales and 21% bigger profits in the first half of the year
Net debt is predicted to reduce in the second half of the year
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The mid-cap FTSE 250 was also a shade higher - adding around two points at 19,369
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Aside from the TUI numbers, blue-chip firms including DIY stores group Kingfisher, contract caterer Compass Group and credit checking firm Experian will also issue updates on Wednesday
Speedy Hire expects full-year revenues and profits to rise in line with expectations
Investments and investor services
A look at the day's gainers and painers, including Vodafone, FirstGroup and Haydale Graphene
The tools and construction equipment rental firm reported a pre-tax profit of £13.2mln for the six months to 30 September, up 120% on the same period a year ago
The UK blue-chip index closed down 19.97 at 7,033, while FTSE 250 shed over 75 points at 18,910
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Aside from the latest consumer price index data, the Day Ahead will also bring updates from the likes of British Land, SSE, Cobham, Smiths Group, and flyBe
Speedy Hire expects flat like-for-like revenues in the UK and Ireland due to lost revenue following the collapse of Carillion
Investments and investor services
Footsie closed up around seven points, or 0.10% at 7,683 on Thursday
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The day ahead includes full year results from Sports Direct, a first quarter trading update from SSE and UK retail sales data
