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Tools and equipment hire provider Speedy reported a 5.9% increase in first-quarter revenue, before disposals, ahead of its Annual General Meeting as it said it expected full-year results to be "in line" with expectations.
Hire and services revenues grew by 1.2% and 13.4% respectively for the quarter to 31 March 2019. Revenue from SME customers also increased, up 27.5% in the first quarter compared to a year ago.
Asset utilisation rates increased to 56.8% on a rolling 12-month basis, up from 55.7% in 2018. Meanwhile, net debt at 30 June 2019 stood at £91.6m, broadly unchanged from the year-end.
Return on capital employed for the 12 months to 30 June 2019 was 12.1% versus 11.8% a year earlier.
30 June 2018: 11.8%).
At 9:50am: (LON:SDY) Speedy Hire PLC share price was -0.4p at 58.6p