Speedy makes positive start to financial year

UK rental company Speedy said it was too early to say what impact Brexit would have on the its end markets but noted that there had been no deterioration in trading in the aftermath of the vote.

In a trading update given before its annual general meeting today, the company also reported a positive start to the year and said its full year results could be slightly ahead of the board’s previous expectations. Revenues for the first quarter of the financial year, ending 30 June, were slightly ahead of the same period in 2015.

Speedy said it had was following “a disciplined approach to bidding and has retained a number of major framework contracts since the start of the financial year."

The company said that utilisation rates increased to 50% by the end of the period and that its overhead costs were significantly lower than the previous year.