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Speedy Hire hikes dividend as adjusted profit jumps

By BFN News | 09:21 AM | Wednesday 16 May, 2018

Tools and equipment hire group Speedy Hire posted a 25% rise in annual profit as UK construction markets remained buoyant. Pre-tax profit rose to £18m, as revenue rose 2.2% to £377.4m. Adjust pre-tax profit rose 60% to £25.9m and the company hiked its dividend for the year by 65% to 1.65p per share. 'We are delighted with these results which reflect a strong operational performance, robust capital management, the benefits of the strategy which was launched in September 2015, the impact of our recovery initiatives and some earlier-than-expected acquisition synergies,' chief executive Russell Down said. 'The market remains competitive; however the current year has got off to an encouraging start with revenue ahead of the comparative period on a like for like basis.' 'Whilst we are early into the new financial year, and some of the benefits from the acquisitions have been realised, we are confident of delivering further progress in the year ahead in line with our current expectations.' At 9:21am: (LON:SDY) Speedy Hire PLC share price was -0.1p at 58.9p Story provided by

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