Speedy Hire International markets flourish as UK struggles

Tools and equipment hire business Speedy Hire said it expects to report profit before tax marginally ahead of company's previous expectations for the year ended March 31st 2013, as it taps into overseas markets.

Underlying revenues in the fourth quarter to March 31st rose 0.2% against the prior year as UK & Ireland fell 2.2% and International surged 55%.

Full year underlying revenue increased 3.7% as UK & Ireland contributed 1.1% while International contributed 61%.

During the year, Cheshire based Speedy said it secured significant new contract wins with National Grid in the UK, and ZADCO in the Middle East.

"In addition to the quality and visibility of the revenue secured, the new contracts involve the provision of end-to-end managed services as opposed to purely transactional volume hire," the group explained.

Looking ahead Speedy added: "Although we retain an element of caution regarding likely market conditions in the financial year to March 31st 2014, the Board remains confident of the group making further progress and being well placed to take advantage of improvements in trading conditions as and when they arise."

Net debt at 31 March 2013 was £72.4m, down from £76.3m the same period in 2012.

CJ