U.K.’s largest rental company, Speedy Hire plc, declined 0.7 percent in revenue in its fiscal first quarter ended June 30 compared with the same period in 2009, the company reported in its interim management statement. The revenue numbers do not include sales of used equipment from the rental fleet. Revenues for June 2010 dropped very slightly year over year and topped £30 million for the month for only the second time since July 2009 with both volume and average rental rates improving, particularly in the smaller tools and equipment area.
Speedy’s adjusted profit before tax is trading in line with expectations but the company was cautious in assessing future prospects given its dependence on a construction sector recovery. Speedy said its new operating activities – the International Asset Services and Branded & Advisory divisions were progressing well.
Speedy is based in Newton-le-Willows, Merseyside, U.K.
