Equipment and plant hire specialist Speedy Hire (SDY) pushed group revenue ahead by 7.5 per cent in the first five months of the financial year to 31 August. Much of this came from increased services revenue whereby it hires and re-rents equipment to meet demand.
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Asset utilisation – the revenue earned compared with the assets owned – rose to 54.5 per cent compared with an average of 51.5 per cent in the year to march 2017, while net debt at the 30 September half-year end is expected to be below £70m from £85.4m a year earlier.
Cost-saving measures designed to reduce the number of operating divisions and distribution centres are expected to save at least £3m a year, although there will be a net exceptional cost in the first half of £4.5m.
