The United Kingdom’s largest rental company, Speedy Hire, last week said in a trading update in advance of its interim results to be announced in late November that volume soared 33 percent in the first five months of its fiscal year.
The company said the tool hire division and equipment division both performed well during the period. Tool hire turnover jumped 28 percent, including the impact of one month’s revenue from Hewden, the tool hire division of Hewden Stuart which Speedy acquired for £115 million (about U.S. $230 million) Aug. 1.
“The integration of Hewden is progressing well, and while still in the early stages, is on track and in line with our plans,” a board statement said.
The equipment division increased 37 percent in revenue.
“The outlook for both the tool and equipment hire markets remains positive and our customers continue to report strong order books,” said the company statement. “Although mindful of the current uncertainty in the financial markets, at present there appears to be no sign of this impacting our market, and the group continues to trade well and in line with market expectations.”
In other Speedy news, Speedy Hire Ireland last week acquired the trading assets of portable heating and air conditioning rental specialist Hire Centres Dublin North, effective immediately. The staff and operations of Hire Centres will transfer to Speedy headquarters in Glasnewin Oct. 1.
“Hire Centres is a highly respected operator that will complement our current business,” said Eugene Heather, Speedy Ireland managing director. “As part of our growth strategy this acquisition will bring more experienced and specialist’s members to our team, to continue to provide an excellent level of service.”