Four buys help Speedy Hire push profits to £9m

A strong performance and four succesful buys has helped Speedy Hire bolster profits to £9m, its half-yearly results to 27 September 2003 have revealed today (Wednesday).  

The specialist hirers' results showed turnover was up 18% to £81.7m, from £69.3m in 2002, while pre-tax profits rose 6.8% from £8.5m last year.

The firm is now operating out of 279 depots across the country after opening 22 new branches in six months. Of these 14 came through the acquisition of Kingfisher, Ashtead's Big Air division, St Vincent Plant and Leica Geosystems.

Speedy Hire is aiming to reach 400 depots in the medium term.

Chairman David Wallis said: "The business case for hire remains as compelling as ever.  Forecasts for the construction sector remain strong and stable.

"Trading to date is in line with our expectations and, provided there is no change in the general economic outlook, the business remains on track to deliver a year of further progress."