Speedy Hire Plc, the U.K.’s largest provider of tools and equipment said its trading increasingly stabilized during its fiscal third quarter ended Dec. 31 compared to earlier quarters. Early fourth-quarter trading has progressively recovered following the annual Christmas/New Year shutdown, officials said.
January revenues were in line with management expectations, 24-percent down from January 2009, after year-over-year declines of 36 percent in October and 28 percent in December.
Speedy said its major domestic construction clients continue to benefit from spending in support of U.K. infrastructure, especially in education, transport and social housing, along with regulated water and energy industries.
Net debt at the end of January decreased to £141 million (about U.S. $221 million), compared to £248 million at the start of the financial year. The company hopes to reduce the debt to £125 million.
Speedy Hire will announce its results for the year ended March 31, on May 19.