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Trading statements

Speedy Hire revenue grow by 10%

07 February 2017 10:50

Tool hire business Speedy Hire reported group revenues for the third quarter on a like-for-like basis (pre-disposal) were 10.6% ahead of the prior year.

The company benefitted from the timing of the Christmas holiday period. Its recovery plan to improve the efficiency of operations remained on track with reduced overheads, and rental assets and net debt both lower than at the half year end.

Sppedy Hire announced the acquisition of the brand, business and assets of Lloyds British Testing on 19 December 2016.

Management said integration was progressing well with several revenue and cost synergies expected to be realised.

Speedy implemented several customer service initiatives which led to improving revenue and the retention of major framework contracts.

These included a contract renewal and scope extension, with Carillion, which could be worth up to £45m over three years.

Due to improving revenue trend and better operational efficiency, the Board anticipates that adjusted profit before tax for the full year will be ahead of its previous expectations.

At 10:50am: (LON:SDY) Speedy Hire PLC share price was +1.25p at 52p

Story provided by StockMarketWire.com

Related Company: SDY

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