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.

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.

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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