Speedy Hire posts strong turnover hike

Speedy Hire enjoyed a strong start to the year as turnover increased 24% in the five months to 28 August. Underlying like-for-like tool hire turnover was up by 9%.

Speedy gave this trading update as it launched its share placing to raise approximately 14.8m. Funds raised from the placing will be put towards its programme of greenfield site openings and bolt-on acquisitions.

Speedy chief executive Steve Corcoran said: "Since 1 April 2004, Speedy has completed seven bolt-on acquisitions at a total cost of 33m, which, together with greenfield site openings, have added a further 45 branches to our network. These investments in Speedy's future will enable us to continue to grow turnover in the coming years."