Speedy hire revenues continue strong recovery

Grant Prior 2 months ago
Share

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.

Latest news

Tube chiefs tell contractors trains are safe for builders

Contractors encouraged to stagger site start times in London
8 hours ago

Construction recovers to pre-pandemic level

New work output grew 3.5% in November lifting output above February 2020 pre-shutdown level
8 hours ago

Colas rolls out weekly Covid rapid testing for staff

Build UK trade body offers member firms lateral flow kits at a discount
9 hours ago

Self-employed wages up 9% in north west

Average freelance trade wages running nearly 10% below pre-pandemic level
6 hours ago

Cemex invests in “kit of parts” offsite housing firm

Materials giant backs Modulous to "revolutionise" housing industry
8 hours ago

House building bounce back hailed by minister

Latest official statistics show completions tripled in the third quarter of 2019
1 day ago

Government clears 514-home London Master Brewer scheme

Housing secretary decides not to call in Hillingdon Gardens scheme
8 hours ago

Aarsleff shifts to expansion after return to profit

Ground engineering contractor optimistic with 12 months of good work visibilty
9 hours ago

Fresh shock structural steel price hike

Price of structural steel jumps nearly 50% in just over six months
1 day ago

Former Carillion bosses face new legal action

Eight ex-directors could be banned from boardroom for up to 15 years
1 day ago

Firms due £50m Covid dividend in R&D tax rebates

Contractors eligible to make tax credit claims for efforts to make sites Covid safe
1 day ago

Colmore Tang joins race to reclad unsafe towers by 2021

Midlands builder sets up cladding remediation arm as pace quickens to retrofit 2,000 unsafe buildings
1 day ago

Winvic starts £93m Edgbaston Stadium build to rent job

Civils arm will also deliver highways improvements for Warwickshire County Cricket Club
2 days ago

GLP starts work on 1m sq ft of warehouse space

Contractors given green light on latest round of development as demand soars for logistics schemes
2 days ago

Marshalls to build block plant as orders rebound

New concrete block factory will be built at St Ives in Cambridgeshire
2 days ago

Revenue offers contractors advice as IR35 changes loom

Free online workshops as controversial changes start in April: Sign up for places
2 days ago

Mace achieves net zero carbon goal

Carbon offset and 50% carbon emission cut achieves net zero target
2 days ago

Keltbray hires Multiplex project commercial director

Jason Gibbons joins as commercial director for built environment division
2 days ago

Winners revealed on £80m demolition framework

Sixteen secure places from 17 tenders received
2 days ago

BAM to trial innovative 5G use in construction

5G-powered cameras, drones and sensors to monitor Scottish construction sites
2 days ago

Breedon lures Amey boss to grow contracting arm

Highways specialist James Haluch to join GB Contracting in March
3 days ago

New pothole machine delivers road repairs four times faster

JCB Pothole Pro machine can repair a pothole in under eight minutes and at half the cost of a road gang
4 days ago

“Vital construction continues” during latest lockdown

New Business Secretary Kwasi Kwarteng praises industry's "major contribution"
3 days ago

Ductwork contractors hit by soaring steel prices

Firms warn steel shortages could hit jobs if situation worsens
3 days ago

Fears grow over Covid contract disputes as attitudes harden

Construction leaders warn of perfect storm from Brexit, falling activity, reverse charge VAT and surge in claims
4 days ago

Plans in for £60m Stockport’s Weir Mill flats

Capital & Centric advances scheme as a blueprint for inner city regeneration
3 days ago

£75m infrastructure funding deal for £1bn Purfleet town scheme

Main infrastructure works will start next month
3 days ago

WYG name disappears after US consultant takeover

Tetra Tech name adopted 18 months after WYG sale
3 days ago

Dive under team to slide in 11,000 tonne tunnel

Construction first for Morgan Sindall on East Coast Main Line
3 days ago

Electrical boss barred over £1m mystery expenses

Seven-year ban from running a business for Surrey electrician
4 days ago

Contractor services