Equipment hire firm issues interim management statement and says full year results will be in line with expectations

Speedy Hire said overall third quarter revenue was up 43% on the same period last year and full year results would be in line with expectations.

In an interim management statement for trading in the third quarter, it also said the group’s revenue growth for the nine months to 31 December was 39%.

It said the tool hire and equipment divisions continued to perform well, generating revenue growth of 47% and 30% respectively for the nine month period.

Speedy Hire said the outlook for tool and equipment hire remained positive and the group had limited exposure to the housebuilding and retail sectors.

Following the acquisition of Hewden Tools net debt as of 31 December 2007 was £271 million and gearing was circa 110%, which it said was in line with internal projections.

Hewden Tools has now been rebranded as Speedy Hire and the depots transferred to the company’s IT and back office systems.

The company said its search for a new finance director was going well and an announcement would be made in due course.

Speedy Hire will announce its preliminary results on 28 May 2008.