StockMarketWire.com - Speedy Hire said it is trading in line with management expectations for the full year, although group revenue fell 0.8% year on year in the three months to June 30.

It said first-quarter performance was satisfactory.

In the UK and Ireland division, which constitutes 93% of Group revenues, the continued strategy of developing the services revenue, combined with focus on the growth sectors of water, waste, energy and transport, has underpinned a resilient performance considering the difficulties that remain in the general construction sector.

Additionally, the National Grid contract started well. The prior year period was positively impacted by significant infrastructure spend ahead of the Olympics and, as a result, revenue decreased by 2.6% against the first quarter FY13.

The International division has seen an encouraging start to the year with revenues in the first quarter 30% ahead of the prior year period.

This has been driven by continued growth in oil and gas projects and the ZADCO project progressing in line with our expectations.

Speedy has a strong pipeline of further opportunities in our target sectors of oil and gas and government-funded infrastructure which provide the International division with a good platform from which to make further progress in FY14 and beyond.

At 8:13am: [LON:SDY] Speedy Hire share price was -2.37p at 59.38p


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