5th Apr 2022 17:31
Speedy Hire PLC - Newton-le-Willows-based tools and equipment hire - Expects results for the year ended March 31 to come in line with management expectations.
UK & Ireland hire revenue for the year is expected to grow 5% from the 2020 financial year, while for the fourth quarter of the year revenue is set to rise 7% year-on-year, as key end markets deliver growth through demand-driven volume improvements.
Speedy Hire's balance sheet remains strong, with net debt at March 31 at less than GBP70 million.
"I am pleased to report that our positive trading momentum has continued with further revenue growth in Q4. This has been supported by positive end markets, with strong demand resulting in increased volumes, better rates and higher utilisation, on an enlarged hire fleet. Results for the year are expected to be in line with the board's expectations," says Chief Executive Russell Down.
Speedy Hire expects to announce its annual results on May 24.
Current stock price: 52.70 pence
12-month change: down 22%
By Dayo Laniyan; [email protected]
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