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Speedy Hire sees profits soar

Speedy Hire announced profits before tax were up 18.8 per cent to £48.1 million and then revealed it has secured a new five year Strategic Partnership Agreement with Carillion.

Steve Corcoran, chief executive said: 'We are very pleased to strengthen further our long-standing relationship with Carillion.

'The entering into of a long-term Strategic Partnering Agreement will enable both companies to maximise supply chain opportunities following Carillion's recent acquisition of Alfred McAlpine.”

The preliminary results for the year up to March 31 revealed revenue had risen by 38.7 per cent to £465.5m.

David Wallis, company chairman, told investors following the release of the company’s preliminary results: “Our commercial strategy remains one of growth. We aim to be number one or two in the market segments in which we operate, serving primarily the larger construction and industrial companies and their supply chain.

'These companies require tools and equipment for longer periods of time and have more complex needs.”

Mr Wallis said: “Two-thirds of our revenues derive from construction and related activities, with growth in infrastructure spending on energy, utilities, road and rail, hospitals, schools, social housing and the Olympics.

“The other third of our revenue comes from non-construction activities in the industrial sector, which is becoming increasingly important to us.

“Our share of these markets is expected to grow strongly. Our national capability is essential in being able to service both national contractors and large industrial groups.

“We are confident of delivering further growth over the next financial year in line with our expectations.

“Our key customers, the UK’s largest construction and industrial groups, with whom we continue to develop even stronger relationships as we take responsibility for their tool, equipment and service needs, continue to report full order books.”