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Acquisitions help Speedy Hire growth

Tool and equipment specialist Speedy Hire is continuing to see substantial growth over the last quarter – despite a weakening in some sectors.

Figures announced at its Annual General Meeting showed revenue was up by 36.4 per cent during the first quarter of the financial year - from April to June - compared with the same period last year.

This was helped by recent acquisitions including Hewden Tools, Amec LSS and Carillion Asset Management and growth excluding acquisitions was 10.1 per cent.

David Wallis, Speedy Hire chairman, said factors helping growth included a move towards outsourcing and major customers emphasising supply chain efficiency.

He added: “Specific sectors of the construction industry are seeing a slowdown in demand and construction related output in house building (to which the Group’s direct exposure is less than 5 per cent of revenue), commercial office development and non-food retailing is likely to remain weak for the foreseeable future.

“In connection with this, the Group has recently seen a deterioration in spending from smaller trade customers and others more reliant on consumer and certain retail related construction output.

“However, public sector spending on schools, health, prisons and defence remains resilient, with many of these projects being funded through committed PPP or PFI schemes. Regulated industries, such as water, electricity, gas, rail and airports, are also releasing significant workload.

“The bulk of our major national contracting customers, the group with whom we have seen our strongest revenue growth, thus continue to report encouraging activity levels and order books on the back of on-going projects and continuing high levels of investment.”