Speedy Hire's shares rise on contract with National Grid
Speedy Hire, the UK's largest provider of tool and equipment for hire, has won a contract with National Grid.
Speedy Hire, the UK's largest provider of tool and equipment for hire, has won a contract with National Grid.
The company will supply National Grid with hired plant and equipment under a managed services agreement worth up to £6.0m per year.
Speedy will act as National Grid's managing agent in order to provide equipment for carrying out work on gas and electricity networks.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The deal has an initial period of three years starting April 1st.
Shares climbed 4.49% to 46.50p at 11:40 Wednesday.
Chief Executive Officer, Steve Corcoran, said: "The board's strategy remains focused on generating high quality, secure, long-term and transparent earnings across the group.
"Speedy has established itself as the clear market leader in rental services for large volume users such as National Grid and Zadco who don't just want to hire an asset, but want an end-to-end managed services solution that delivers the highest level of service and helps them manage risk."
RD
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Revolut finally bags a UK banking licence – what's next for the fintech?
Revolut has finally been granted a UK banking licence following three years of negotiations with the regulator
By Kalpana Fitzpatrick Published
-
Could Labour impose a “double death tax” of more than 50%?
Speculation is mounting that capital gains tax will be reformed in the Budget - and one option is to charge bereaved families the tax on top of inheritance tax. We explain how it could work
By Ruth Emery Published