Speedy Hire set for boost from 2012 Olympics work

Speedy Hire yesterday reported a larger-than-expected loss for the six months to 30 September.

Its adjusted pre-tax loss was £9.9m between April and September, compared with a loss of £4.8m a year ago. Sales fell 4.1 per cent to £177.3m.

Despite the losses, Olympic spirit and private spending are expected to boost Speedy Hire’s prospects.

The firm is part of a consortium of firms providing construction equipment at Olympic Park, one of the largest civil engineering projects in Britain today.

The firm also expects recent contracts from Balfour Beatty, Babcock and Costain to add to second half growth. One contract, from Costain, names Speedy Hire as an equipment provider for an oil complex in Abu Dhabi. Sales from the international division increased to £4.5m, up from £0.8m in the same period.

All of these developments encourage chairman David Wallis. Combined, he said the projects, “provide grounds for confidence for the future, especially as these are now supported from a more efficient operating base”.

Speedy Hire shares closed down 3.7 per cent at 26.25p.