Tool and equipment hire company underlines move to FTSE 250 with increase in first-quarter turnover.

Tool and equipment hire company Speedy Hire has underlined its move to the FTSE 250 last month with a 25% increase in first-quarter group turnover on last year.

Chairman David Wallis said at today’s AGM that, after adjusting for the recent LCH Generators acquisitions, group turnover was up by a quarter on last year.

Tool hire turnover increased 17%, while the equipment division pushed up its turnover by 50%. Speedy Hire joined the FTSE 250 on 30 June this year.

Wallis told the AGM: “Our major customers continue to report strong order books and the market outlook remains positive. There is some evidence of certain government-backed projects being delayed.

“However, trading performance is in line with our expectations and overall we remain confident of reporting further progress for the group throughout the remainder of the financial year.”