Speedy: record results and Carillion Asset Management deal

Speedy has announced record results and confirmed a new five-year deal with Carillion Asset Management.

In the year to the end of March, Speedy’s revenues jumped 38% (to £465.5m), part of which came from the acquisition of Hewden’s tool hire business.

However, the purchase diluted the pre-tax profit, which rose at half the pace of revenue (to £48.1m), dragging operating margin down by 1.2% to 13.7%.

The company, which now operates through 488 depots, said the integration of Hewden’s tool business is now complete and will deliver £20m in synergy savings.

It is predicting further growth both in the business and its market share of both the construction and industrial rental sector.

At the same time Speedy announced a £12.5m deal to buy Carillion’s accommodation business and a five-year strategic partnership which will see it as a preferred supplier to the contractor.

Carillion’s accommodation business has 23 employees and three locations – all of which are transferring to Speedy.