Speedy progress

18 November 2021

Speedy’s results for the six months to 30 September 2021 show that the business has maintained its strong performance and the company says it is well positioned for further growth. 

Revenue for the period was £188.6m compared against £147m for the corresponding period last year, and the pre-tax profit figure of £14.3m contrasted with a loss of £400,000 a year ago. Net debt has been reduced by 17.1% to £47.9m. 

The company reports continual improvement in asset utilisation due to the use of artificial intelligence, up by 1.8% to 57.3% as at 30 September 2021. It also says that a number of new contracts and renewals have been agreed with key customers including Costain, MGroup, Redrow Homes and Willmott Dixon. 

Speedy has invested in its hire fleet to the tune of £37.6m with a focus on carbon efficient eco-friendly products, and has recently implemented a targeted price increase following product and customer reviews to mitigate cost pressures. The company states that enhanced governance and further use of AI in this area will facilitate more dynamic pricing.

Chief executive Russell Down says that the business aims to reduce its emissions per employee by 10% in the 2022 financial year, with actions including the roll out of HVO D+ fuel as a replacement for diesel in its commercial fleet. 

Interestingly, he adds that sustainable products now make up approximately 28% of revenues. Earlier this month, Speedy also opened a new service centre in Milton Keynes which showcases the innovative products and technology. 

“Positive trading momentum in recent months and the significant growth opportunities presented by major infrastructure projects give us confidence in delivering full year results ahead of current market expectations and sustainable growth in the medium term," said Russell Down. 

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