Newton-le-Willows-based Speedy Hire has posted a rise in first quarter revenue and appointed a new chairman.
The provider of tools and equipment hire to the construction, infrastructure and industrial markets reported a sales rise for the quarter to 31 March 2018, pre-disposals, of 6.6 per cent on the prior year’s period.
Hire revenue and services revenue grew by 5.5 per cent and 8.4 per cent respectively. UK and Ireland hire revenue increased by 1 per cent on a like-for-like basis, while the international business “continued to perform well, with a strong pipeline of opportunities”.
Speedy Hire also invested £15.2m during the quarter on new equipment for hire, up 4 per cent on the prior year.
Elsewhere, the company has confirmed that David Shearer will succeed Jan Åstrand as chairman of the board and nomination committee with effect from 1 October. Åstrand will remain as a non-executive director until 31 October.
Shearer has been a non-executive director since 9 September 2016.
Åstrand said: “I am pleased to welcome David to the role of chairman. He is a valued member of Speedy’s board, with considerable external experience. I am confident in his ability to lead the board in building on the solid foundation established during Speedy’s recovery and helping achieve the next stage of its growth.”
Shearer added: “I am delighted to be taking over from Jan as chairman of Speedy as we embark on the next phase of delivering the company’s growth strategy and look forward to working with Russell Down and the board in the years ahead.”