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Speedy Hire secures new deal

Tool hire company Speedy Hire saw its shares accelerate yesterday after it signed a five-year deal to supply equipment to Carillion and Al-Futtaim’s joint venture in the Middle East and North Africa. The firm’s stock closed 6.3 per cent up at 29.8p following the announcement, which will see it provide light plant and equipment, asset management and logistical services to the joint venture. Speedy Hire said the arrangement would help its international asset services unit meet the exit run rate turnover target of over £10m at March 2010.