Always thrilled to come across positive news surrounding the hire industry, we at Anythingforhire.com were happy to hear that the latest update from Speedy Hire, learning that their shares have risen as a result of profit increases. Recovering from a sticky 2017, it appears that the rental business has come on leaps and bounds, displaying the need for resilience when it comes to this ever-moving market.
Boasting strong ties with Carillion, many expected the business to feel the pressure of losing such a well-established client. Being left with over £2m of unpaid Carillion bills, the business seemed to have had provisions in place, not allowing such a hit to impact their profits.
Reporting shares to be up 7% from last year, the business is looking stronger than ever.
What Speedy Hire has to say
In a trading update, a business representative stated the following:
“As a result of the group’s renewed focus on both SME (small and medium enterprise) customers and services revenues, and despite the recent liquidation of Carillion, full year revenues before disposals are expected to be approximately 6% ahead of the prior year.”
Adjusted profit before tax are also on schedule to be ahead of previous forecasts.
Trading on a solid footing, the business can now build on these triumphant times, continuing to sign contracts and build partnerships with businesses across the UK.
As one of the largest tool and equipment hire companies in the UK, Speedy Hire are also expanding into a variety of new commercial markets. Just last month, the business announced that it had invested in 19 Isuzu trucks, adding to the 60-strong commercial hire fleet already in operation.
But, where has all this success come from? Well, according to various reports, Speedy Hire has placed more of a focus on SME customers and services revenues; a move that has well and truly paid off.
Lastly, let us know what you think; what’s on the horizon for Speedy Hire?