Speedy sees hire revenues beat pre-pandemic levels

Grant Prior 3 years ago
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Core hire revenues are now above pre-pandemic levels at Speedy as the industry continues its recovery.

The kit hire giant confirmed that in April and May hire revenues were 2% up on the same period in 2019.

The latest update was contained in a resilient set of results for the full year to March 31 2021.

Pre-tax profits fell to £12.3m from £20.7m last time on turnover down to £363.6m from £406.7m.

During the pandemic 13 depots were permanently closed and a further 22 are being consolidated into six larger improved locations while around 200 people were made redundant.

Chief executive Russell Down said: “Infrastructure spending has grown and prospects are strong, particularly on major projects including HS2; our investment in equipment and new colleagues in the rail sector resulted in revenues growing significantly.  

I am pleased to report results that are ahead of our expectations in what has been an exceptionally challenging year for customers and colleagues alike.  

“The resilient performance of our business during this unprecedented period is testament to the strength of our model, hard work of all my colleagues and strong operational delivery.  

“Our excellent customer service, including our four-hour commitment, has facilitated a strong recovery in the second half.”

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