Speedy Hire Plc, the Unitd Kingdom’s largest equipment rental outfit, last week reported a 35.7-percent year-over-year growth in revenue for the six-month period ended Sept. 30. The company recorded net profit of £13.6 million (about U.S. $28.2 million), compared to £$11.2 million for the first six months of the previous year. On an adjusted basis, net profit for the period jumped to £16.9 million, compared with £12.4 million a year ago.
Gross profit for the six-month period was £137 million, compared to £102.9 million in the year-ago period. EBITDA grew from £44.7 million to £58.2 million.
Total revenue was £209.5 million, up from 154.4 million a year ago. The tools division revenue jumped from £80.8 million last year to £111.7 million in this year’s six-month period, while equipment revenue rose from £76.3 million to £101.4 million for the half-year span.
Chairman David Wallis said the company’s results were “our best interim results ever.”
During the six-month period, Speedy Hire closed its £115 million acquisition of Hewden Tools, and also acquired Waterford Hire Services for €6.5 million. The company said it is on course to achieve a £20 million annual savings from the integration of Hewden, which it acquired in August for £120 million.
Speedy also announced the appointment of Claudio Veritiero as chief operating officer and an executive director. Veritiero will take over responsibility for all operational activities in the U.K., reporting directly to chief executive Steve Corcoran. Veritiero, who began his business career with the investment-banking arm of Rothschild, joined Speedy in 2004 in the business development division, with responsibility for acquisitions and strategic developments. Veritiero later became managing director of Speedy Lifting, supervising the acquisition and integration of Lifting Gear Hire.
Speedy Hire, based in Newton-le-Willows, England, has more than 500 branches nationwide.
The U.K. equipment rental market is expected to grow by 12 percent between now and 2010, according to a recent report (see next story).
Speedy officials said order books are current very strong for its 100,000+ customers.
