Revenue fell 8.7% to £161.8m, compared to £177.3 m for the same period in 2010. However, the business has now moved back into profit - the Group saw a £14.7m improvement in underlying profit before tax from a loss of £9.9m (2010) to a profit of £4.8m.
With the conclusion of the disposal of the loss making accommodation operation for net proceeds of £33.4m in April 2011, all Speedy’s UK hire operations are now profitable.
Speedy said that its market share remains strong and that it is well positioned and growing revenue in the core regulated infrastructure markets of water, waste, energy and transport.
Commenting on the results, Ishbel Macpherson, Chairman, said:
"We are pleased to report the continuation of our recovery in these challenging times. Our strategy of aligning ourselves with stronger customers and market segments, focusing on our core activities and driving improved efficiency is ongoing. As a result, the Board is confident of the Group meeting its expectations for the financial year. "
During the 6 months to 30 September 2011, Speedy’s UK & Ireland Asset Services sales and commercial activity was focused on developing opportunities in the regulated markets of water, waste, energy and transport where the firm said it is continuing to see growing demand for its services.
Speedy's growth is coming from a mixture of existing framework agreements with companies such as Welsh Water and Thames Water; a number of contract extensions including those with United Utilities and South East Water; and new business such as the contract with Enserve. Many of the existing major construction customers operate across all of these markets. Speedy is targeting its additional revenue growth from them.
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