Plant hire chain predicts further consolidation in tool hire sector after announcing increase in turnover for first 11 months of the financial year.

Plant hire chain Speedy Hire has predicted further consolidation in the tool hire sector after it announced a 22% rise in turnover for the first 11 months of the year.

In a trading statement released this morning, the firm said that the growth reflected Speedy's organic growth, new greenfield depots and recent acquisitions, which totalled a spend of £35m over the year.

Speedy Hire said that its tool division had generated a like-for-like increase of 9%, while its equipment division had performed well and had been the focus of its acquisition programme.

The statement added: "Our strong balance sheet enables us to consider further acquisition possibilities as they arise in a still fragmented sector."