Solid Speedy performance

5 April 2022

In an update on its trading performance for the year ended 31 March 2022, Speedy expects results for the year to be in line with the Board's expectations.

The group states that it has seen a continuation of the positive trading momentum achieved throughout the year, with UK and Ireland hire revenue approximately 5 per cent ahead of the 2020 financial year. 

Hire revenue in Q4 was around 7 per cent ahead of the corresponding period in 2021, which now represents a more meaningful comparator, the company says. 

Speedy adds that key end markets continue to deliver growth through demand-driven volume improvements, with better rates helping to mitigate inflationary cost pressures.

The group’s investment in developing a retail business in partnership with B&Q has continued and it expects to have a presence in 38 stores and on B&Q's website, diy.com, before Easter.

Speedy states that it has invested an impressive £70 million in the hire fleet during the financial year, accelerating its capital expenditure programme in response to continued strong demand and to mitigate supply chain pressure. This has focused largely on sustainable products.  

Asset utilisation on the enlarged hire fleet has been at 57 per cent in the 2022 financial year, compared with 55.5 per cent in 2020.