Bouyant markets and recent acquisitions help push six month profit to 拢154.4m
Speedy Hire has enjoyed a healthy jump in profit thanks to buoyant markets and new acquisitions and start-ups.
The tool hire company increased pre-tax profit by 28.7% to 拢154.4m for the six months ended 30 September 2006.
The company said that the integration of recent acquisition LCH was going to plan and a new pump business in the equipment arm had boosted that division鈥檚鈥 turnover by 50%.
As well as the acqusition of LCH Generators in May Speedy Hire also picked up Lifting Gear Hire for 拢13.5m at the end of last month. The company said LGH would be integrated into its lifting business over the next 18 months. It said that it expected further consolidation in the hire business in the coming months.
Chairman David Wallis said: 鈥淥ur key customers continue to be optimistic in the assessment of their prospects and report full order books for some years ahead. With our strong financial position we are very well placed to take advantage of the many opportunities available to us.鈥
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