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New contract wins for Speedy

12 September 2022

New contract wins for Speedy

In a trading update issued ahead of its AGM last week, Speedy announced that hire revenue in the five months to August 2022 is approximately six per cent ahead of 2021 and that new contract wins have been secured from major customers. These are effective from October 2022 which are expected to offset some recent weakening in market conditions. 

Speedy states that price increases implemented in April 2022 have not had a material impact on business volumes and that its joint venture in Kazakhstan is performing ahead of expectations following new work secured.

The group has invested approximately £28m in the hire fleet in response to demand and to mitigate the impact of supply chain lead times and price inflation. Much of this spending has been focused on sustainable products.

Russell Down, chief executive, commented: "Revenue for the first five months of the financial year has remained strong, with new contract wins effective from the second half also secured. Whilst the continuing macroeconomic uncertainty and inflationary pressures may impact trading performance, our diverse end market exposure, broad customer base and strong balance sheet provide resilience against changes in market conditions."

 As previously announced, Russell Down will step down from the Board and from the role of chief executive on 30 September, to be replaced by Dan Evans, currently Speedy's chief operating officer. 


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