Speedy back in the black in first six months

Plant hirer Speedy has returned to profit in the first six months after reporting a pretax loss of £58m in the year to March 2016.

The group is now promising a series of customer service initiatives to regain market share over the rest of the year.

Improved trading and a group-wide restructuring saw Speedy record a £5.4m pre-tax profit on revenue ahead 13% at £187m.

The firm disposed of the majority of its heavy plant fleet for £12.1m in August helping to boost revenue, but also saw operational revenue rise 5.2%.

Russell Down, chief executive, said: “These encouraging interim results confirm that our recovery is well established.

“We are now focussed 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.”

from Construction Enquirer http://www.constructionenquirer.com/2016/11/16/speedy-back-in-the-black-in-first-six-months/

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