Rental firm records 28.5% growth in international markets
Speedy Hire, a UK-based rental company with a major presence in the GCC, has recorded a 28.5% growth in H1 its International division, including its new operation in Qatar. The period covers six months, ending in September 2013.
Last year the company won a $50m, five year contract to supply plant and equipment servies to ESNAAD, the support services subsidiary of Abu Dhabi National Oil Company (ADNOC), with the option of a further two -year extension option.
According to Steve Corcoran, chief executive of Speedy Hire, during the first half of the year the company worked to “establish a presence in Qatar to work with our teams in the MENA territories to capitalise on attractive opportunities in both the oil and gas sector and government-backed infrastructure initiatives across the region”.
The company’s international growth came at a time when the UK and Ireland construction market conditions remain challenging, and its H1 revenue there fell 2.1%.
Speedy is a relative newcomer to the Gulf, first opening an office in late 2009, but since then has made rapid in-roads into the rental market, priding itself on the newness of its plant fleet, its rigorous servicing regime, and its ability to offer a ‘total solution’ to customers, including evaluation of their existing plant fleets and ongoing fleet management services.
Corcoran said that the company’s diversification into the MENA region is bearing fruit.
“Whilst the UK market, particularly in construction, remains challenging, our strategy to diversify the Group’s revenues to secure both hire and service agreements from companies in non-construction related activities and internationally in the MENA region is generating results.
“With an improving trend in the UK and Ireland in Q2 and a strong H1 performance in the International division, the Group continues to trade in line with the Board’s expectations and remains well positioned to benefit from the future UK recovery supported by a conservative balance sheet.”