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Speedy Hire signs five year partnership with Morgan Sindall

Speedy Hire has announced a five-year strategic partnership with Morgan Sindall.

In a trading update issued ahead of its interim results announcement in November for the six month period to 30 September, the hire firm announced the partnership as evidence of its commitment to “strengthening key relationships with major contractors”.

The group said that despite challenging market conditions, underlying revenue in the second quarter is expected to rise by 4.1 per cent against the same period last year.

The revenue figureexcludes fleet sales but is adjusted for its sale of accommodation hire operations in April and the expiry of its Network Rail maintenance contract in December 2010.

Speedy is also undertaking a review of its advisory services business, which provides construction, health and safety, waste and environmental advice and training, to be completed by the announcement of its interim results, after its performance was described as disappointing.

In the UK & Ireland asset services division, underlying revenue for the second quarter was up 2.1 per cent year-on-year.

The company stated: “Speedy continues to target sustainable, profitable revenue with a commitment to maximise the return from the existing hire fleet investment, accompanied with selective capital investment.”

Speedy confirmed it has reduced net debt to around £77m from £79.5m and has made a “significant increase” in revenue in its international division.

It said: “The group draws confidence from the order books of its key major contractor customers, the breadth of its customer base and the diversity of its end markets.”  

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