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Speedy Hire says FY results to meet forecasts after 7% revenue growth 

Published: 17:20 05 Apr 2022 AEST

Speedy Hire PLC -

Speedy Hire PLC (LSE:SDY), the tools and equipment hire company, said it expects results for the year to 31 March 2022 to meet its forecasts. 

The positive trading momentum continued throughout the year, with UK and Ireland hire revenue rising 7% on FY2021 and 5% on FY2020, the company said in a trading update. 

"I am pleased to report that our positive trading momentum has continued with further revenue growth in Q4,” said chief executive Russell Down. 

“This has been supported by positive end markets, with strong demand resulting in increased volumes, better rates and higher utilisation, on an enlarged hire fleet.” 

The company has continued to develop a retail business in partnership with B&Q and expects a presence in 38 B&Q stores and on B&Q's website, diy.com, before Easter. 

It invested £70mln in the hire fleet during the year in response to continued strong demand and to mitigate supply chain pressure. 

Speedy Hire had net debt of less than £70mln on 31 March 2022. 

The company also announced that it plans to appoint PricewaterhouseCoopers LLP as its external auditor for the financial year ending 31 March 2023.

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