- Tools and equipment hire provider Speedy Hire reported a 6% increase in group revenue pre disposals, in the first half of its financial year as revenue from SME customers grew strongly.

It reported that hire and services revenue grew by 1% and 13% respectively in the period to 30 September 2019, in a trading update ahead of publishing its half-year results on 13 November 2019.

Revenue from SME customers was up by more than 25% in the first half compared to the prior year.

Speedy Hire has secured a number of contract wins and extensions in the period, including CALA Homes and Peel Ports.

As a result, it said the second half of the year is anticipated to be stronger than the first half.

Adjusted profit before tax for the full-year is expected to be in line with the board's expectations.

Net debt is expected to be £86m, down from £89.4m as at 31 March 2019, which the company said reflects continued investment in hire fleet, which is predicted to reduce in the second half of the year.

At 10:13am: [LON:SDY] Speedy Hire PLC share price was +1.1p at 52.7p

Story provided by