Company reports huge increase in profits
A Newton-le-Willows company has recorded multi-million pound profits, up nearly 60 per cent on last year.
Speedy Hire plc, the UK’s leading tools and equipment hire and services company, has announced year-end results revealing profits of Â£25.9m, up 59.9 per cent on last year.
The results reflect the impact of its ambitious plans to differentiate Speedy in the market through excellent customer service and an expanded services offering to mark its transition from recovery to growth.
There has also been a revenue increase of 6.4 per cent to Â£371.6m and a "significant reduction" in debt.
The success has been reinforced by customer responses through Speedy’s customer satisfaction programme where 90 per cent of customers were "satisfied" or "very satisfied" with their service. It also signals a re-alignment of target markets to include regional and small to medium sized businesses, following a shift in the landscape, post-Carillion.
Russell Down, chief executive, said: “Our strategy is enabling the business to go from strength to strength despite a highly competitive market. We are now looking forward to building on this solid financial performance, further developing our service offering to help and guide our customers as trusted and reliable partners and delivering even greater success in the year ahead.”
Speedy is also building momentum through the expansion of its service offering. It now offers services such as testing, inspection and certification, sales of products and consumables and training.
This growth has been boosted by its acquisition of companies Prolift and Platform Sales and Hire and Lloyds British. Further acquisitions are planned to extend the portfolio and to optimise the growing need for consultancy on health and safety requirements.
These market readjustments have been underpinned by a programme of operational efficiencies to consolidate Speedy’s transformation.
Further details on Speedy’s year-end results can be found at www.speedyservices.com