Speedy Hire (SDY) has continued its investment in the powered access market with the acquisition of Lifterz Holdings. The group bought the Yorkshire based specialist for a cash consideration of £9.6m, assuming £11.9m in net debt.
Speedy has invested more than £50m in powered access since November 2017, when it bought Prolift Access and Platform Sales & Hire for £5.9m and £7.1m, respectively. It spent £31m on acquisitions in the second half of 2018, which is expected to lead to year-end net debt of £90m.
The acquisition announcement was accompanied by an update on trading. Revenues and profits grew in the year, with services sales continuing to outpace the wider business. Utilisation continued to grow, reaching 57 per cent from 55 per cent last year.
