Speedy maintains momentum

27 January 2022

In a trading update released today, Speedy reports that the positive momentum experienced during the first half-year continued into Q3 including further contract wins and renewals. 

UK and Ireland hire revenue for the nine months to December was approximately 4% ahead of the corresponding period in the 2020 financial year, with hire revenue in January 2022 to date up by around 7%.  

The group has invested approximately £61 million in its hire fleet for the year to date in response to strong demand, with a focus on sustainable products.  

Asset utilisation rates for the year to date are 57.1%, which is said to be around 1.4% ahead of the comparable period in the 2020 financial year. 

The group expects to report results for the year in line with the Board's expectations.

Russell Down, Speedy chief executive, commented: "I am pleased to report that our positive trading momentum has continued with further revenue growth in Q3.  Market demand has resulted in increased utilisation rates, on an enlarged hire fleet following accelerated capital expenditure." 

● Speedy has separately announced a share buyback programme of up to £30 million. At the time of the half-year results in November 2021, the Board undertook to review the medium-term capital needs of the group and consider potential returns to shareholders. 

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