Speedy hire revenues continue strong recovery

Grant Prior 2 years ago
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Speedy has seen hire revenues recover to near pre-pandemic levels despite the ongoing lockdown.

The firm said that UK hire revenues were just 3.5% down on last year in October with the “second lockdown not materially impacting the group to date.”

Underlying results for the six months to September 30 show pre-tax profits dropped to £5.9m from £16.4m last time as turnover fell to £162.3m from £204.2m.

Russell Down, Chief Executive, said: “I am pleased to report ongoing positive trading momentum in recent months.

“Moving into the second half, while conditions remain uncertain due to Covid-19, utilisation has returned to 2019 levels and the business is well positioned and invested to take advantage as trading recovers to more normal levels.

“As a consequence full year results are expected to be towards the top end of analysts’ expectations.”

Speedy is planning more depot closures as part of a restructuring which has seen 13 outlets close and staff numbers fall to 3,756 from  4,070.

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