Speedy Hire profits up 17% to £25m

Speedy Hire has reported a 21.3% increase in turnover and 16.9% profit increase for the year ending 31 March 2005.

Turnover stood at £206.5m up from £170.2m for 2004, while profit before tax, goodwill amortisation and exceptional items was £25.7m, compared to £22m last year.

Steve Corcoran, Speedy’s chief executive said the company was pleased to report yet another year of record results.

“The Group remains committed to having 400 depots in the near future and we will continue to add 20 or 30 depots a year to our existing 300 branch portfolio,” Corcoran said.

Although Speedy is still predominantly a tool hirer, it views the equipment sector as an area for potential growth. The Speedy Pumps division has been earmarked for expansion, while industrial cleaning is likely to grow, according to Corcoran.

“We will also expand our network into the Republic and Northern Ireland this year,” he said.

“Either through acquisitions or greenfield developments.”