Speedy Hire, the U.K.’s largest equipment and tool rental company, posted a fiscal full year 2.9-percent revenue increase to £349.7 million (about U.S. $586.5 million). The company’s trading performance was impacted by an EBITA loss of £4.3 million in its International Division, but the remainder of the group recorded an EBITA gain of 11.9 percent to £26.4 million. The company’s fiscal year ended March 31.
Speedy Hire grew its network with the completion of the Glasgow Multi-Service Center and six new superstores.
“Without doubt, this has been a disappointing year of results for Speedy,” said Ishbel Macpherson, Speedy chairman. “The issues the group has faced in the Middle East have resulted in a financial impact, distraction in terms of management focus and general levels of disruption. These issues have now been addressed and we remain confident that the group has strong potential and the outlook is good.”
“Whilst there is much still to do, growth in our markets is now emerging and our sales revenues in the last quarter of FY2014 and in the first month of this new trading year have been promising,” said CEO Mark Rogerson. “We now need to build on this opportunity to drive shareholder value through the delivery of our strategic priorities.”
Speedy Hire is based in Newton-le-Willows, Merseyside, U.K.