Speedy issued a trading statement to the City today which said: “The Group remains committed to its strategy of strengthening its key relationships with major contractors and is delighted to announce that in October 2011, Morgan Sindall Plc formalised their trading relationship with Speedy by entering into a five year Strategic Partnering agreement.”

Underlying revenue is up 4.1% while hire rates in the UK jumped 7.8% during the second quarter at Speedy focused on more profitable sectors.

The firm said: “Speedy’s UK trading continues to improve steadily in line with expectations, although uncertainty remains in the overall outlook for the UK economy.

“The Group draws confidence from the order books of its key major contractor customers, the breadth of its customer base and the diversity of its end markets.”