19th Jul 2018 09:18
LONDON (Alliance News) - Speedy Hire PLC on Thursday reported a rise in first-quarter revenue and said that current Non-Executive Director David Shearer will succeed Jan Astrand as chairman of the company, effective October 1.
The tool and equipment rental company also said that Astrand will remain as a non-executive director until end of October.
In its annual general meeting statement, Speedy Hire said revenue for the first quarter ended March 31, pre disposals, increased by 6.6% on the prior year. Hire revenue and services revenue grew by 5.5% and 8.4% respectively.
The company's UK & Ireland hire division revenue increased by around 1% on a like-for-like basis. International division continued to perform well in the quarter, with a strong pipeline of opportunities.
Speedy Hire invested GBP15.2 million in the first quarter on new equipment for hire, up 4.0% on the prior year. The company remains on track to deliver a result for the full year in line with the board's expectations.
Shares in the company were trading 0.4% lower at 60.24 pence each on Thursday morning.
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