Half-year results from Speedy Hire (SDY) presented a recovery in full swing, sending the share price up 15 per cent on the day. It remains to be seen whether this will silence activist shareholder Toscafund, which has been vocal in its attempts to oust now non-executive chairman Jan Astrand and for the company to merge with peer HSS Hire (HSS). But chief executive Russell Down has once again shunned that idea, stating "we have a recovery plan in place and any merger will derail that".
A reorganisation, better availability of equipment and improved pricing has drawn in customers. As a result underlying revenue rose 5.2 per cent to £171m and that growth is accelerating; second-quarter sales were up 8.6 per cent year on year, compared with 1.6 per cent in the first quarter.