10 September 2021
Speedy has invested approximately £35 million in its hire fleet for the year to date in response to strong demand in certain markets, largely focused on sustainable products.
In an update on trading performance up to August in advance of its annual general meeting held yesterday, the company also said it has continued to benefit from the positive momentum experienced at the start of the current financial year and is trading in line with the Board's expectations.
UK and Ireland core hire revenue for August was around 4% ahead of the corresponding period in FY2020, a more meaningful comparison than FY2021, and approximately 3% ahead for the year to date.
Asset utilisation rates are said to have improved and for the year to date are approximately 2% ahead compared against 2020. Whilst there is some evidence of extended supply chain lead times, the Group says it is not experiencing any material impact on hire fleet availability.