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Speedy Hire returns to profit

Speedy Hire has moved back into the black, today posting a pre-tax profit of £12.4 million for last financial year.

The figure, for the year ended 31 March 2012 compares with a loss of £0.7m reported by the firm last year.

And the firm said that the lion’s share of the profit - £7.6m - was made during the second half of the period.

Speedy chairman Ishbel Macpherson said: “Our strategy continues to be one of aligning ourselves to the key market sectors and the majors that are demonstrating growth, along with a disciplined approach to cash and managing costs.

“This has resulted in continued progress for the group and we have created a solid platform from which to build for the future.”

The company reported that its pre-tax profit after amortisation and exceptional items was £3.2m, compared to a 2011 loss of £27m.

Underlying  revenue was up 4.3 per cent to £326.4m, it said.

Speedy’s dividend increased to 0.26 pence per share, up from 0.20 pence per share last year.

The firm’s chief’s Steve Corcoran said that the UK economy remains fragile, but that the firm was benefiting from its diversification away from general construction into infrastructure investment, and into international markets.

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