A Merseyside construction, infrastructure and industrial equipment hire specialist has sold its operations in the Middle East for $18m.
Newton-le-Willows-based Speedy Hire has completed the deal for its equipment fleet, stock and other fixed assets relating to its business in the region to ADNOC Logistics and Services.
The division provided equipment and manpower services to the oil and gas market in Abu Dhabi.
Speedy has carried out work for ADNOC since 2012, with its contracts expiring on February 28, 2021.
Its international business has continued to operate a Kazakhstani joint venture.
In a trading update issued to the London Stock Exchange, Speedy Hire added that the wider group's trading since September 30 has been ahead of its board expectations.
It added that its pre-tax profits for the year to March 31, 2021 are expected to be "well ahead" of market forecasts.
Chief executive Russell Down said: "I am pleased to report another period of momentum and resilience for the group as our colleagues have adapted and supported our customers in these challenging times.
"Our ongoing positive trading has benefitted from increasing activity levels and shows the strength of our strategy, people and operational delivery.
"The successful exit from the Middle East operations is an important strategic step for Speedy and we wish the whole of the ADNOC team every success in the future.
"Looking ahead, we are well positioned to take advantage of the market opportunities in the UK and Ireland as activity levels continue to improve."
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