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.

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

Recommended

How to profit from India’s high-tech recovery
Share tips

How to profit from India’s high-tech recovery

Professional investor David Cornell of the India Capital Growth Fund, selects three of his favourite Indian stocks to buy now.
27 Sep 2021
Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021

Most Popular

A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
What really causes inflation? Here’s what prices since 1970 tell us
Inflation

What really causes inflation? Here’s what prices since 1970 tell us

As UK inflation hits 3.2%, Dominic Frisby compares the cost of living 50 years ago with that of today, and explains how debt drives prices higher.
15 Sep 2021