In a trading update today Speedy said that its results for the year ending 31st March 2018 鈥� to be posted in May 鈥� will be better than previously expected, aside from the 拢2m hit it is taking from Carillion not paying its bills.
The Speedy hire fleet has been reduced in line with the company鈥檚 optimisation programme, increasing average utilisation from 51.1% to 55.4%. Return on capital employed for the year is expected to be 11%, up from 7.7% in the previous year.
As a result of a renewed focus on both SME customers and services revenues, and despite the recent liquidation of Carillion, full year revenues before disposals are expected to be approximately 6% ahead of fiscal 2016/17鈥檚 拢369.4m total.
Adjusted profit before tax for the year is expected to be ahead of the board's previous expectations, the company said.
In 2016/17 Speedy made a pre-tax profit of 拢14.4m, compared to a 拢57.6m loss the year before.
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