The tools and plant hire company, has reported a strong first half performance in its latest results. The Newton-le-Willows headquartered business announced profits before tax was up 58.8 per cent to £10.8m for the six months to September 30. Revenues increased by 6.9 per cent to £183.2m during the period. Speedy Hire, which endured a tumultuous 2016, saw its debts reduced to £63.1m, down from the £71.4m reported in March. Investors will be happy with the increase to their dividend up 51.5 per cent to 50p per share. The results have been attributed to a restructure of the business and operational efficiencies. The company also reported growing revenue from value added services businesses; testing, inspection and certification (TIC), training and consumables. Russell Down, chief executive, said:"These results are confirmation of the sustainable progress we continue to make following implementation of our customer focussed strategy and a rigorous approach to capital allocation and cost control. "Our end markets are diverse and remain competitive. The improvements we have made to our operations have enabled us to more effectively manage the business and meet market challenges. "We are confident of delivering a result for the year above current expectations and that the Group has a strong future ahead of it." The supplier of industrial chains and power transmission products, has announced a mixed set of trading results as it focusses on strategic goals. The company has its international HQ in Wythenshawe and two other parts of the business: Torque Transmission and Chain. The group saw revenue increase by eight per cent to £95.4m, for the half year to September 30. However, operating profit was down from £7.6m to £6m compared to the same period in 2016. This was down to the Chain division which saw orders grow by 15.7 per cent, but also saw an increase in raw material costs and machine break-downs. Torque Transmission saw revenue up 6.1 per cent and adjusted operating profit increase. While Renold admitted overall profits were 'disappointing', progress is being made in its STEP 2020 strategic plan to make the business more efficient. Robert Purcell, chief executive, said: "Whilst the first half of the year was a disappointing period for profit delivery, the issues in Chain are being resolved, and we are seeing distinct signs of improvement in our end markets. "During the period we have continued to build the commercial and operational platform from which to deliver improved performance. Our efforts are starting to bear fruit: our order intake demonstrates significant progress, and we are also seeing the benefits of our actions in the enhanced results of Torque Transmission. "We continue to believe that our STEP 2020 strategy is the right path to deliver a more robust, higher margin business. We are confident of delivering improved performance in the second half." Shares in broadcasting giant ITV slipped this morning after its revenue declined. The group, home to shows such as The X Factor and Broadchurch, said it was confident in the strength of the business ahead of new chief executive Carolyn McCall’s arrival. In the nine months to 30 September, total external revenue was down one per cent to £2.1bn, based on a mixed performance across different areas While broadcast and online revenues sank four per cent to £1.45bn, online, pay and interactive revenues jumped eight per cent, while ITV studios revenue was up nine per cent at just over £1bn. Shares were down 1.75 per cent to 151.3p in early trading. Sir Peter Bazalgette, ITV executive chairman, said: “ITV’s performance in the first nine months of 2017 is very much as we anticipated. "We’ve seen improving trends in all our key revenue lines in the quarter and we’re on track to deliver on the commitments we set out at the start of the year.” He added: “We will enter 2018 in good shape with a strong operating performance underpinned by a robust balance sheet, and we look forward to the arrival of our new CEO, Carolyn McCall, early in the New Year.”
Tool and plant hire company Speedy Hire has reported H1 2017 pre-tax profits of £10.8m ($14.2m), almost 60% higher than in 2016. The company also said that first-half revenues grew 6.9% to £183.2m, while company dividend rose by 51.5% to 50p per share. CEO Russell Down said the financial results were down to a "rigorous approach to capital allocation and cost control".