 announced a return to profit on Tuesday, after a year of heavy losses in 2016.){kind=link}
Tool hire company Speedy Hire (LON:SDY) announced a return to profit on Tuesday, after a year of heavy losses in 2016.
For the year ended 31 March 2017 Speedy Hire reported a pre-tax profit of £14.4 million, up from a £57.6 million loss the previous year. Its full year divided was up 42.9 percent to 1.00 pence per share, with revenue increasing by 12 percent to £369.4 million.
Commenting on the results Russell Down, Speedy Hire’s Chief Executive, said:
“These results demonstrate the success of our turnaround plan with significant improvements across all financial and operational performance measures.
“Whilst we have made a solid start to the year, the market remains competitive. With the business now stabilised and a strong balance sheet, we are well positioned to take advantage of market opportunities and continue to deliver sustainable profitable growth.”
He concluded that the previous year had been strong for the company, with the hire fleet being reduced, utilisation rates increased, and net debt has falling significantly.
“The business has been stabilised and we have created a solid platform for the future”, he said.
Chief executive Russell Down, who masterminded the turnaround plan, said: “These results demonstrate the success of our turnaround plan with significant improvements across all financial and operational performance measures.”
Speedy Hire shares rose on the news of the improved results, currently trading up 3.63 percent at 55.70 (0843GMT).