Speedy sets record after Hewden buy

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 predicts further growth in its business and market share in both the construction and industrial rental sectors.

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

Carillion's accommodation business has 23 employees and three locations - all of which will transfer to Speedy.