SPEEDY Hire recovered rapidly from the pandemic and enjoyed a healthy 28.2 per cent boost in revenues, lifting expectations for its full-year results.

The company reported £186.2m half-year revenues alongside an adjusted operating profit of £16.2m.

In further good news for investors, adjusted earnings per share more than trebled, rocketing from 53p a share to £1.81.

The London-listed tools and equipment rental specialist is aiming to further expand into the domestic consumer market and embrace the DIY aspira- tions of UK homeowners.

Speedy Hire previously focused on large-scale contractors and SMEs, but it has now signed an agreement with home improvement giant B&Q to double its presence across its stores, offering its services at 40 of its sites. The firm's CEO Russell Down told City A.M. that the consumer market had "untapped" potential and is "not particularly well served by the hire industr y". He hoped the firm could attract consumers concerned about the environmental impact of their products, and the cost of purchasing tools only to use them on a couple of projects.

He said: "We're working very much with B&Q to offer hire to their customers, particularly where they are doing the bigger DIY projects. If you need a cement mixer or wacker plate to build your patio then you can get all the materials from B&Q."

The group also reached renewal deals with key clients Costain Redrow Homes and MGroup, and invested £37.6m in a hire fleet of carbon efficient construction vehicles.

Down also pointed to full-scale projects such as HS2 and Hinkley Point as potential opportunities in the market.

Speedy Hire was up 7.05 per cent on the at close of play yesterday.

(c) 2021 City A.M., source Newspaper