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Speedy Hire PLC on Monday reported a strong performance in its recently concluded financial year, and said revenue in financial 2023 continues to grow despite inflationary pressures.
For the financial year ended on March 31, the England-based tools and equipment hire services company said revenue was up 16% to £386.8 million, compared with £332.3 million a year ago.
Pretax profit more than doubled to £29.1 million, compared to £8.3 million in the previous year.
Speedy Hire declared an annual dividend of 2.20 pence per share, up 57% from 1.40p a year ago. It also noted a £30 million share buyback programme began in January.
Speedy Hire shares were up 5.5% at 48.30 pence each on Monday morning in London.
The firm said financial 2023 is off to an ‘encouraging’ start, with underlying revenue 8% ahead of the comparative period in the most recent year. Volume growth and price increases have more than offset the inflationary cost pressure, it explained.
Speedy Hire said it remains confident of achieving its expectations for the current financial year.
Chair David Shearer said: ‘I am pleased with the company's performance this year and that revenues are now ahead of the pre Covid-19 period. We have a strong market position allowing us to take advantage of positive end markets and deliver continued sustainable growth. The board looks forward with confidence for the year ahead.’
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