Speedy Hire revenue up despite despite big freeze

British tool-rental firm Speedy Hire said its third-quarter revenue, excluding fleet equipment sales, rose 8.8 per cent, aided by an increased focus on growth markets such as water and waste.

The company said its revenue in January, excluding fleet equipment sales, rose 2.1 per cent. Speedy Hire said that the business was trading in line with its full-year expectations in respect of adjusted pretax profit.

Revenue from fleet equipment sales rose 23 per cent to £1m in the quarter to 31 December.

Speedy Hire, which provides services to construction, manufacturing, industrial and rail companies, said net debt on 31 January was better-than-expected at about £126m.

A recent official data showed the British construction output fell by 2.5 per cent in the final three months of 2010 compared with the previous quarter, but rose by eight per cent on the year.

Shares in the company, which gained 12 per cent in the last three months.