Speedy Hire鈥檚 interim results for the six months to 30th September 2016 show a pre-tax profit of 拢5.4m, compared to a loss of 拢13.5m for the same period in 2015 and a for the year to 31st March 2016.
Half-year group revenue was up 13% to 拢187.1m (2015: 拢165.0m) and operating profit of 拢8.4m was up 87% on the 拢4.5m made in the same period last year.
Excluding the 拢12.1m revenue generated by selling the heavy plant fleet to Ardent Hire Solutions, and other disposals, revenue increased by 5.2%.
As at 30th September 2016, net debt had been brought down to 拢85.4m, from 拢102.6m six months earlier.
There were exceptional costs of 拢1.3m relating to a restructuring of the UK & Ireland business and September's general meeting to resolve a shareholder revolt.
Chief executive Russell Down said: 鈥淭hese encouraging interim results confirm that our recovery is well established. We are now focused on the strategic development of the business over the medium-term and are implementing a range of customer service initiatives to ensure that Speedy is competitively positioned to grow profitable market share. Reflecting the progress the group has made, we now expect results for the full year to be ahead of the board's previous expectations.鈥�
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