Having worked within tool and plant for some 13 years now, this subsector can often provide people with a crude barometer as to how the construction industry is shaping up.
I was interested to read last week of VP (Vibro Plant as was) acquisition of Brandons for £42m. Turning over some £80m, with a workforce stretching to 900 and depots throughout the UK, this is a real coup for the company.
Having met with a number of senior figures within the Speedy operation over the past four years, it was also good to read that, under the stewardship of CEO Russell Down, Speedy had restructured the operational side of the business and returned to growth. His focus is now to further drive revenue for the hire and services business units through both organic and acquisition activity.
Let's hope this is a sign of the times and goes against the grain of the latest figures coming out for Q2 and predictions for Q3 from within the construction industry.
Speedy says its end-of-year financial results will be ahead of expectations after reporting increased profits and revenue for the first half. Above: Speedy chief executive Russell Down Revenue (excluding disposals) increased by 6.9% for the six months to 30th September to reach £183.2m (2016: £171.4m). Total first-half revenue was £185.8m (2016: £187.1m). Profit before tax was £6.0m (2016: £5.4m).