Speedy Hire wants 400 depots

Speedy Hire aims to have a national network of more than 400 depots within the next couple years, aiming to increase its present 18% hire market share through further acquisitions and new greenfield sites.

Speaking at the company's preliminary results briefing today (Thursday), chief operating officer Steve Corcoran said: "The hire market is continuing to consolidate and we want to strengthen our network, especially in the major conurbations."

Speedy Hire's preliminary results for the year ending March 2004, have revealed an 18% increase in turnover and a 16.5% increase in profit before tax.

Turnover is £170.2m, compared to £143.9m for 2003, while pre-tax profit stands at £22m, up from £18.9m. 

The company said the diversity of its business and a positive economic outlook have contributed to an excellent year. "Our customers report full order books and they have indicated this will continue," said David Wallis, Speedy Hire chairman.

According to Andrew Simpson, business development director, Speedy will continue to prosper because of its national presence, high standards and flexibility towards to local decision-making.