Builders tools and equipment providers Speedy Hire - which is expanding in the West Midlands - yesterday told shareholders its new financial year had started well, with turnover up by nearly 24 per cent.
Speaking at the agm, chairman David Wallis said the increase reflected the impact of acquisitions made in the previous year and the benefit of Easter falling in March.
He said: "Like for like tool hire turnover has advanced 14 per cent, with underlying growth of ten per cent after excluding the impact of the early Easter.
"This has resulted in a further increase in Speedy Hire's market share, despite the fact that there is some evidence the smaller tradesman is experiencing a reduced level of activity. Profitability is in line with our expectations and our major customers continue to report strong order books well into the future."
In April Speedy Hire snapped up the Cabin Company, a supplier of temporary accommodation, from Birse Group. "This helped raise our profile in the civil engineering sector and secured a five-year agreement with Birse for the supply of temporary accommodation," Mr Wallis added.
