Speedy in Line With Expectations; Plans Middle East Expansion

July 24, 2009
The UK’s largest tool and equipment rental company, Speedy Hire, last week said its outlook for the year remained in line with expectations, although it was cautious about its short-term prospects because of uncertainty about construction activity. Speedy said its net debt has been reduced by £48 million (about U.S. $79.3 million) to about £247 million at the end of June and that it continued to operate within covenants.

The UK’s largest tool and equipment rental company, Speedy Hire, last week said its outlook for the year remained in line with expectations, although it was cautious about its short-term prospects because of uncertainty about construction activity. Speedy said its net debt has been reduced by £48 million (about U.S. $79.3 million) to about £247 million at the end of June and that it continued to operate within covenants.

Speedy said it is planning expansion in the Middle East and has agreed to a deal to provide support services firm Carillion Plc’s joint venture Al Futtaim Carillion with equipment, asset management and support services. Speedy officials said the Middle East offers long-term growth opportunities and expects the deal to provide a platform to extend services to other Middle East companies.