Speedy Hire sticks to outlook despite subdued markets
Speedy Hire PLC on Thursday said trading is in line with expectations, as it pointed to subdued market conditions but expressed confidence in a stronger second half.
The Merseyside, England-based tool and equipment hire company said hire revenue is marginally behind last year, but it continues to expect both revenue and profit to be weighted towards the second half, reflecting seasonal trading patterns, major customer activity and growth in trade and retail customers.
The company said it is encouraged by recent contract wins and is maintaining a ‘rigorous discipline’ on costs, margins and pricing, which it expects will bring further benefits in the second half.
Speedy Hire added that while the UK government’s commitment to growth has yet to translate into meaningful stimulus across key sectors, it believes it is ‘well positioned’ to benefit when this materialises.
On this basis, the board left its full-year expectations unchanged.
Shares in Speedy Hire were 2.2% higher at 24.57 pence in London on Thursday afternoon.
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