Speedy Hire sees 7% rise in like-for-like sales

Tool hire firm Speedy Hire has today (Friday) revealed that like-for-like sales are up 7% in the 11 months to February.

In a trading update before its full-year results on June 11, Speedy's chief executive John Brown said: "We continue to operate in a solid trading environment.The board believes that Speedy Hire continues to gain market share and is confident about the outlook for the year as a whole."

The group also reports good progress ahead of its close period.

Analysts are predicting full-year pre-tax profit of around £18.3m. In the year to March 31 2002, Speedy reported a pre-tax profit of £15.4m.

The company has been growing rapidly and is looking to expand to 400 UK depots, including 30 new green-field openings in 2003.

The company also won a contract extension in January with the Kier Group worth £3m a year. The new two-year agreement involves Speedy supporting all Kier's UK activities as a preferred supplier.

Speedy Hire plc is also staking its claim north of the border with the launch of Speedy Scotland, which will include 20 Speedy branches covering a territory from Aberdeen down to sites in Northern England.

The business will employ 161 people with a predicted turnover of over £12m, which is set to grow with a further three sites planned to open over the next 12 months.