U.K. equipment rental giant Speedy Hire this week released a trading update in advance of its May 16 announcement of its preliminary results for the fiscal year ended March 31. The business continues to implement its strategy of focusing on the private and regulated markets in infrastructure, particularly in areas such as water, waste, energy and transport, where the company sees long-term sustainable growth. The company said underlying group revenues in its fiscal fourth quarter ended March 31 rose 4.5 percent compared to the previous year, resulting in a full-year underlying revenue increase of 5 percent.
Speedy’s balance sheet has continued to strengthen during the second half of the year. The company reduced net debt from £113.9 million March 31, 2011 to about £76.3 million, a reduction of about 33 percent. The debt reduction reflects a continuing focus on cash management along with income from the disposal of Speedy’s accommodation business. Fleet investment has focused on high-utilization products and specialized items.
Although Speedy is optimistic about fiscal 2013, it cautioned that the early part of the year will be impacted by one-off events such as the London Olympics and Paralympics, which will result in disruption to construction projects in the London area for a two-month period. Also the Queen’s Diamond Jubilee celebrations will affect projects during the month of June.
Speedy is based in Newton-le-Willows, Merseyside, U.K.