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May 16, 2017

Speedy shows improvement

Filed under: Latest News — EHN Team @ 4:41 pm

Speedy’s results for the year ended 31 March 2017 show that the company continues to improve its performance.

Revenue increased to £369.4m (2016: £329.1m), with adjusted profit before tax up 224% to £16.2m (2016: £5.0m). Net debt reduced to £71.4m (2016: £102.6m). The company says that the size of its hire fleet was decreased by 11.4% to £194.8m, reflected in improved asset utilisation.

Russell Down, Chief Executive, said: “These results demonstrate the success of our turnaround plan with significant improvements across all financial and operational performance measures. Whilst we have made a solid start to the year, the market remains competitive. With the business now stabilised and a strong balance sheet, we are well positioned to take advantage of market opportunities and continue to deliver sustainable profitable growth.”

Last December, Speedy acquired Lloyds British Testing Ltd, which carries out testing, certification, and inspection of lifting equipment, as well as training, for £3.8m. The business has now been integrated into Speedy’s operations serving the lifting market.

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