Acquisitions bolster turnover but tool hire firm warns of reduced activity among builders.
Speedy Hire has reported a 23.8% increase in turnover for the first quarter of the financial year.
The tool hire firm said the increase reflected acquisitions and Easter falling in March this year. It warned that some builders were experiencing reduced levels of activity due to a slowdown in consumer spending.
Like for like tool hire turnover increased by 14%, with underlying growth of 10% after excluding the impact of the early Easter.
Chairman David Wallis said: “Profitability is in line with our expectations and our major customers continue to report strong order books well into the future.”
Speedy Hire recently acquired The Cabin Company Limited, a supplier of temporary accommodation, from Birse Group, and parts of MJ Gleeson Group’s internal hire operation. Speedy Hire said that new chief executive Steve Corcoran was looking to broaden the company’s hire offer.
Speedy Hire’s founder John Brown retired today after 28 years at the company. Corcoran became chief executive at the start of the financial year.