(Alliance News) - Speedy Hire PLC on Wednesday said it expects annual results in line with forecasts as it reported double-digit profit growth in the first half.
The tools, equipment and plant hire services provider reported pretax profit for the six months to the end of September of GBP16.4 million, up 22% compared to GBP13.5 million a year prior, as revenue grew by 5.7% to GBP205.7 million from GBP194.6 million.
"Our strong balance sheet and financial performance are underpinned by excellent customer service, with continuing progress against our strategic objectives," explained Chief Executive Russell Down.
The Newton-le-Willows, Lancashire-headquartered company note the cost base remains tightly controlled, resulting in UK and Ireland staff numbers reducing slightly over the period.
Speedy Hire increased the dividend per share to 0.70 pence, up 17% from prior year's 0.60p.
Looking ahead, CEO Down said: "In spite of the current uncertain UK political backdrop we remain confident of delivering full year results in line with our expectations."
Speedy Hire shares were trading 1.6% higher in London on Wednesday morning at 55.41p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Speedy Hire (SDY)