Speedy Hire, the U.K.’s largest rental company, posted £187.1 million (about U.S. $232.7 million) in revenue for the six months ended Sept. 30, compared to £165 million in the same period in 2015, a 13.4-percent year-over-year increase. Group EBITDA jumped 18.8 percent from £25.6 million a year ago to £30.4 million.
The results were particularly gratifying for Speedy, which has been through a tumultuous few years with accounting problems, executive turnover, IT-related problems and some economic market difficulties particularly in the U.K.
“These encouraging interim results confirm that our recovery is well established,” said Speedy chief executive Russell Down. “We are now focused on the strategic development of the business over the medium term and are implementing a range of customer service initiatives to ensure that Speedy is competitively positioned to grow profitable market share. Reflecting the progress the Group has made, we now expect results for the full year to be ahead of the board’s previous expectations.”
Down said the company has a strong balance sheet and substantial headroom within the company’s banking facilities. “The business has been stabilized, profitability is increasing and we now have a strong foundation in place for further progress,” added Down.
Speedy Hire is headquartered in Newton-le-Willows, Merseyside, U.K.
