Speedy Hire YTD hire revenue 'marginally behind' prior year, maintains FY guidance

(Sharecast News) - Equipment and services provider Speedy Hire said on Thursday that overall market conditions had remained "subdued" year-to-date. Speedy Hire stated that while Downing Street's commitment to growth had "yet to translate into meaningful stimulus across key sectors", it was "well positioned" for the opportunities this should provide in its end markets.

The London-listed firm said hire revenue was "marginally behind" the same period last year, although, consistent with prior periods, it anticipates a second-half weighting to both revenue and profits, reflecting seasonal trading patterns, the timing of major customer activity and anticipated growth in its trade and retail customers.

Speedy Hire also said it was encouraged by recent contract wins and stated "rigorous discipline" when it came to costs, margin, and pricing should all yield "further benefit" in the H2. Speedy's expectations for the full year remained unchanged.

As of 0835 BST, Speedy Hire shares were up 2.37% at 24.62p.





Reporting by Iain Gilbert at Sharecast.com