StockMarketWire.com - Tools and equipment rental group Speedy Hire swung to a first-half profit and upgraded its annual guidance, as construction markets recovered following an easing of lockdowns.

Pre-tax profit for the six months through September amounted to £14.3 million, compared to a year-on-year loss of £0.4 million. Revenue jumped 28% to £188.6 million.

Speedy Hire reinstated its interim dividend at 0.75p per share.

Looking ahead, the company said its full-year results were expected to be 'ahead' of current market expectations.

'During 2022 the board will consider returns to shareholders of any capital in excess of the group's needs consistent with the group's capital allocation policy,' it added.


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