Plant hire specialist Speedy Hire (SDY) did well to lift profits at the interim stage, given that the UK construction industry - excluding house-building - still looks pretty tough. Crucially, the group's management team elected to concentrate on those parts of the market showing demand for hire products, lifting revenue by 18 per cent from its top 10 UK customers.
Indeed, three new superstores were opened in the first half, and plans are in place to accelerate the depot network and logistics strategy plan for completion two years ahead of schedule. Revenue from the UK and Irish operations - excluding planned disposals - fell by 2.6 per cent in the first quarter, although this was against a much higher level of demand last year in light of the Olympic Games. In any case, the shortfall has been offset by full implementation of the National Grid service contract that started in April.