Speedy on strong footing

By Thomas Allen21 May 2019

Speedy Hire has reported strong results for the year ended 31 March 2019, with revenue, excluding disposals, increasing by 6% to £389.2 million due to growth in services revenue and a rise in business from small-to-medium-sized (SME) customers.

127328 speedy logo

The growth in custom from SMEs helped to offset revenues lost as a result of the liquidation of Carillion.

The UK-based provider of equipment and tools rental also reported a 7.8% rise in its EBITDA (earnings before interest, taxes, depreciation and amortization) to £78.7 million, compared to £73 million in the previous year.

Speedy’s acquisition of training provider Geason Holdings Limited in December 2018, to enhance its training position, was followed by the acquisition of powered access specialist Lifterz Holdings Limited in March 2019, strengthening its powered access offering. As a result, net debt increased to £89.4m, from £69.4 million the year before.

Adjusted profit before tax was up 19.3%, from £25.9 million to £30.9 million. In the UK and Ireland, operating profit increased to £29.4m, while in the Middle East operating profit increased to £5.8m, reflecting higher activity levels.

Speedy invested £21.9 million to grow its fleet, and return on capital employed rose by 1.3 percentage points, from 11.5% to 12.8%.

Asset utilisation in the UK and Ireland improved from 55.4% to 57% as a result of further rationalisation of the company’s fleet.

Russell Down, Chief Executive, said, “These strong results demonstrate the excellent progress Speedy is making against our strategy, including a significant increase in our SME customer base, services revenue growth, and the completion of two UK acquisitions. We have further increased our return on capital through an improved operating performance and continuing to optimise the business using digital technology. The business has a strong platform for future growth.”

Delivered directly to your inbox, World Crane Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Long Reads
Miller Transfer tackles long and heavy vessel haul
Miller Transfer made a complicated haul of stainless steel vessels weighing up to 80,000 pounds look easy.
SHOW GUIDE: The Utility Expo
A host of products and services will be shown at The Utility Show, formerly ICUEE, in Louisville, KY.
Heavy industry big part of climate crisis solution, says Mammoet
Mammoet’s head of sustainability, Erica Gray, discusses engineered heavy lifting’s role as an enabler of the climate change transition
Alex Dahm Editor, International Cranes and Specialized Transport Tel: +44(0) 1892 786 206 E-mail: alex.dahm@khl.com
Mike Posener Sales Manager Tel: +353 860 431 219 E-mail: mike.posener@khl.com