Leading tool and equipment hire provider Speedy (LON:SDY) announced the appointment of its new chairman on Thursday, adding that it was on track to meet full-year expectations.

Revenue for the first quarter of the year increased by 6.6 percent re-disposals, with its hire revenue and services revenues up by 5.5 percent and 8.4 percent respectively.

UK and Ireland hire revenue also saw a marginal increase, up by 1 percent on a like-for-like basis. The group said that there was a “strong pipeline of opportunities” in its international business.

Net debt came in lower that the year previously at £67.0 million, with ROCE for the 12 months to 30 June at 11.8 percent.

The group also announced the appointment of David Shearer as Chairman, who will be taking the role from 1 October. Outgoing Chairman Jan Astrand will remain as a Non-Executive Director of the Company and member of the Nomination Committee until 31 October 2018.

Shares in Speedy are currently down 0.43 percent at 60.24 (0842GMT).