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Speedy Posts Strong Q3 and Nine-Month Gains

Speedy Hire, the United Kingdom’s largest tool and equipment rental company, posted a 39-percent volume increase in the first nine months of its fiscal year. The equipment division increased 30 percent in the nine-month period that ended Dec. 31.

Revenue increased 43 percent during the third quarter ended Dec. 31, with tool hire volume for the third quarter growing 47 percent year over year, and equipment rental revenues rising 30 percent. “Our markets remain strong and post-Christmas trading has started well,” a Speedy spokesman said. “The group has limited exposure to the house-building and retail sectors. Full-year results will be in line with expectations.”

The company said it has completed its integration of Hewden Tools, which it acquired last year from Finning International for U.S. $233 million, and the Hewden network has been re-branded as Speedy Hire. All the acquired branches have been integrated to Speedy’s IT and back-office systems, the company said. The company, which gets more than two-thirds of its revenue from construction customers, said it gained orders as builders shift from owning equipment to renting.

Speedy Hire is based in Newton-le-Willows, England.

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