Speedy Hire (LON:SDY) shares soared on Monday after the group upgraded their profit guidance and reported an increase in revenue.
The tools and equipment hire company Speedy Hire said adjusted pre-tax profits were expected to be ahead of its previous expectations and that revenue had grown by 6 percent.
The increase was driven by a renewed focus on small business customers, the company said, with the return on capital employed for the year expected to be around 11 percent, up from 7.7 percent the year before, amid a continued reduction in the size of the group’s fleet.
Net debt at 31 March was expected to be approximately £80m after expenditure of £23 million on acquisitions.
The announcement comes after a similar one was made in September, telling investors to expect higher profits than initially anticipated.
Shares in Speedy Hire are currently trading up 7.41 percent at 51.88 (0916GMT).
