Latest accounts for the year to March 31 2022 show pre-tax profits hit £29.1m from £8.3m last time as turnover ticked up to £386.8m from £332.3m.

Chief Executive Russell Down is confident the improvements will continue this year.

He said: “We have made an encouraging start to FY2023 with volume growth and price increases more than offsetting cost pressures.

“Against a backdrop of positive end-markets and our unique leading service and ESG customer propositions, the board remains confident that we will meet its FY2023 expectations.”

Speedy signed new contracts and renewals during the year with key customers including Costain, the Home Office, MGroup and Redrow Homes.

It now provides kit to 88 of the UK’s largest contractors

Down added: “The group has implemented price increases, following product and customer reviews, to offset inflationary cost pressures on both overheads and new equipment purchases.

“We have improved our governance and reporting in this area which will facilitate improved margins and the ability to implement more dynamic pricing models.

“Asset utilisation was 57.0% after significant investment in the Group’s hire fleet to satisfy customer demand and mitigate longer supply chain lead times.

“The strength of our supply chain relationships and advanced planning using artificial intelligence have been key to achieving strong asset utilisation rates on our enlarged hire fleet.”