3rd Feb 2014 12:05
LONDON (Alliance News) - Equipment rental company Speedy Hire PLC Monday said it has won a three-year services contract with Babcock International Group PLC that could earn it over GBP10 million in revenues a year.
In a statement, the company said that under the deal it will support all Babcock units with a range of plant and equipment products and services, making Babcock one of its most significant services customers.
Although it gave a revenues forecast for the contract, it cautioned that Babcock doesn't have a minimum spending commitment under the contract.
"This new services agreement builds on the existing support that Speedy already provides to Babcock's Marine & Technology Division. I am delighted that Babcock has given us this opportunity of broadening and deepening our relationship with them," Speedy Hire's new Chief Executive Mark Rogerson said in a statement.
Speedy Hire shares were up 1.9% at 65.75 pence midday Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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