Leading UK provider of equipment rental and support services Speedy Hire PLC has published its interim results for the six months to 30 September 2010.
The Group said it had seen three consecutive quarters since January 2010 of incremental growth in UK revenues, volumes and average hire rates.
UK volume of equipment on hire increased 5.4% in the quarter to 30 September 2010 (compared to quarter ended 30 June 2010) with average hire rates up 2.8% in the same period.
However revenues for the six months to 30 September 2010 were down 4.1% to £177.3m, compared to the same period in 2009 (2009: £184.8m, down 27.9%). Pre-tax losses for the half-year grew to £13.8m (2009: Loss £13.6m). Adjusted loss before tax of £9.9m was nearly double the 2009 first-half loss of £4.8m.
The Group said it had maintained its focus on cash, costs and capex during the period, whilst ensuring the continued development of its fledgling International and Branded & Advisory businesses. The businesses delivered a significant increase in turnover in the first half, albeit from a low base and with an overhead investment which anticipates further significant growth.
Sole supplier contract win with Thames Water
Speedy has recently won a number of important new infrastructure contracts, including a five year sole supplier agreement with Thames Water to supply their tier one contractors on their £5.5bn investment in the AMP5 programme.
The company has previously supported several Thames Water contractors directly under the AMP4 and other investment and renewal programmes. The company said the latest award encompassed a more collaborative approach to a planned equipment management programme between client, contractor and equipment supplier.
Speedy has been awarded three of the five equipment lots available, including Pneumatic Tools, Materials Handling and Other Site Essentials (includes lighting, fencing and surveying equipment).
As part of its service provision and continued extension of its managed services offering, Speedy will also act as a managing agent for a number of third party equipment providers. Speedy and Thames Water estimate that the value of the contract over the five year period is likely to be up to £45 million.
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