Speedy sees revenue grow by 30%

Speedy has reported a 30% jump in first-quarter revenue compared with the same period last year.

Income for the tool hire business increased by 15% (9.8% like-for-like growth) and revenue at the equipment business increased by 41%, with utilisation remaining at 70%.

The addition of LCH Generators and Lifting Gear Hire helped boost revenue and chairman David Wallis said Speedy continues to gain market share by expanding the network, consolidating the marketplace and offering high-quality service to customers.

The £115m cash purchase of Hewden Tools should be completed by the end of July. To fund the acquisition Speedy has increased its debt facility from £210m to £325m and will raise another £54m by placing new shares.