Speedy utilisation almost back to 2019 level

Tool and equipment hire group Speedy reports that its sales for the six months April to September 2020 will be down just 20% on 2019’s numbers.

Tool and equipment hire group Speedy reports that its sales for the six months April to September 2020 will be down just 20% on 2019’s numbers.

Speedy said that after the initial collapse of business when coronavirus lockdown began in late March, trading is now getting back close to pre-Covid levels.

For September 2020, core hire revenue in the UK and Ireland was about 7% lower than September 2019. And the 55.5% utilisation rate for the week ended 2nd October 2020 was only a little shy of 2019’s 55.9%. No staff are on furlough any more.

Control of overhead costs and reduced capital expenditure have resulted in net debt coming down from £79.3m to £60m over the past six months. All tax payments deferred as part of Covid-19 support measures were repaid during September 2020.

Speedy’s half-year results for the period to 30th September 2020 are scheduled to be announced on 18th November 2020.

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