Speedy Hire boosted by strong UK construction market

Speedy Hire boosted by strong UK construction market

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Speedy Hire (LON:SDY) reported an increase in both profit and revenue for the full year, after a strong performance in the UK construction markets.

Pre-tax profit rose 25 percent to £18 million, as revenue rose 2.2 percent to £377.4 million. Adjusted pre-tax profit rose 60 percent to £25.9 million, with the company boosting its dividend for the year by 65 percent to 1.65p per share.

The specialist equipment hire firm cautioned that the market remains “competitive”, but said the start was “encouraging”.

“We are delighted with these results which reflect a strong operational performance, robust capital management, the benefits of the strategy which was launched in September 2015, the impact of our recovery initiatives and some earlier-than-expected acquisition synergies,” chief executive Russell Down said.

Shares in Speedy Hire are currently up 0.72 percent at 59.42 (0934GMT).

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