Speedy Hire sales jump by 8.8 per cent

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The Independent Online

Speedy Hire's tools and building equipment hire business returned to sales growth in the final quarter of 2010 despite the contraction in the construction industry.

The company, which operates from 325 sites, reported an 8.8 per cent increase in revenues excluding equipment sales compared with the same period the previous year, while equipment sales increased 23 per cent. Speedy achieved growth by focusing on resilient sectors, such as water, waste, energy and transport.

Although Speedy's sales growth slowed to 2.1 per cent in January, it said it could return to profit at an underlying level in its second half, providing that it continues to trade well in the next few weeks. Speedy made a £4.6m underlying loss in the first half of its year to the end of September.