Speedy sees 2.6% UK revenue drop

Speedy Hire has seen its UK revenue drop by 2.6% in the past three months, but says it has still delivered a “resilient” performance considering the economic conditions.

Speaking at the firm’s Annual General Meeting today, chairman Ishbel Macpherson said the drop on the immediate previous quarter could partly be explained by a fall off from 2012, which was boosted by spending on Olympics related projects.

The company’s UK and Ireland division accounts for 93% of all its revenues. At group level, revenue in the past three months is down 0.8% on the same period last year.

Speaking about the UK business, MacPherson said: “The continued strategy of developing the services revenue, combined with focus on the growth sectors of water, waste, energy and transport, has underpinned a resilient performance considering the difficulties that remain in the general construction sector.”

She added that the contract the company has won with the National Grid had started well.

The international business, meanwhile, has seen revenues in the past three months 30% ahead of where they were over the same period last year.

MacPherson said: “Speedy has a strong pipeline of further opportunities in our target sectors of oil and gas and government-funded infrastructure which provide the International division with a good platform from which to make further progress in 2014 and beyond.”

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