11th Feb 2015 09:40
LONDON (Alliance News) - Equipment hire company Speedy Hire PLC on Wednesday reported a rise in revenue in the first nine months of its financial year and expects to meet full-year expectations, while adding that its network optimisation programme is ahead of schedule and said the restructuring of its Middle East operation is making progress.
The group said revenue in the first nine months to the end of December rose 9.9% year-on-year.
Speedy Hire said its network optimisation programme is set to be completed ahead of schedule by the end of its financial year in March, with its new national distribution centre in Tamworth now operational. The centre, plus eight UK multi-service centres, are to serve as the hubs for the group's national network.
The group is also making progress on restructuring its Middle East business, where it is withdrawing from general hire operations in order to stem losses and build value in its remaining oil and gas operations.
Speedy Hire said that in spite of the challenges in the Middle East, it expects to meet its expectations for the year. It will publish its full-year results on May 12.
Speedy Hire shares were up 0.2% to 68.90 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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