Bouyant markets and recent acquisitions help push six month profit to £154.4m
Speedy Hire has enjoyed a healthy jump in profit thanks to buoyant markets and new acquisitions and start-ups.
The tool hire company increased pre-tax profit by 28.7% to £154.4m for the six months ended 30 September 2006.
The company said that the integration of recent acquisition LCH was going to plan and a new pump business in the equipment arm had boosted that division’s’ turnover by 50%.
As well as the acqusition of LCH Generators in May Speedy Hire also picked up Lifting Gear Hire for £13.5m at the end of last month. The company said LGH would be integrated into its lifting business over the next 18 months. It said that it expected further consolidation in the hire business in the coming months.
Chairman David Wallis said: “Our key customers continue to be optimistic in the assessment of their prospects and report full order books for some years ahead. With our strong financial position we are very well placed to take advantage of the many opportunities available to us.”