16-05-2018

Renewed customer focus combined with expansion of services brings success

Speedy Hire plc, the UK’s leading tools and equipment hire and services company, has announced year-end results revealing profits of £25.9 million, up 59.9% on last year.

The results reflect the impact of its ambitious plans to differentiate Speedy in the market through excellent customer service and an expanded services offering to mark its transition from recovery to growth. A revenue increase of 6.4% to £371.6 million, combined with a significant reduction in its debt, after acquisitions, are the result of progress towards these goals.

These results follow the national roll-out of Speedy’s Capital Commitment campaign and its early success within the M25 region. This service guarantees customers same-day delivery on any of its top 50 products anywhere in the UK when ordered before 3pm and backed by a promise of one week’s free hire if it fails to deliver.

Capital Commitment demonstrates Speedy’s unique focus on service to its customers where it matters; availability, delivery and collection. This success has been further reinforced by customer responses through Speedy’s customer satisfaction programme where 90% of customers were satisfied or very satisfied with their service. It also signals a re-alignment of target markets to include regional and small to medium sized businesses, following a shift in the landscape, post-Carillion.

Speedy is also building momentum through the expansion of its service offering. It now offers services such as testing, inspection and certification, sales of products and consumables and training. This growth has been boosted by its acquisition of powered access companies Prolift and Platform Sales and Hire and Lloyds British, the UK’s most renowned specialist in testing, inspection and monitoring for the engineering and construction industry. Further acquisitions are planned to extend the portfolio and to optimise the growing need for consultancy on health and safety requirements.

Russell Down, Chief Executive, says: “Our strategy is enabling the business to go from strength to strength despite a highly competitive market. We are now looking forward to building on this solid financial performance, further developing our service offering to help and guide our customers as trusted and reliable partners and delivering even greater success in the year ahead.”

These market readjustments have been underpinned by a programme of operational efficiencies to consolidate Speedy’s transformation.

Further details on Speedy’s year-end results can be found here

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