North West-based tools, equipment and plant hire services company Speedy has announced "strong" annual results - ahead of expectations - despite an "exceptionally challenging year" for customers and staff.
The St Helens-headquartered firm said its figures released on Tuesday showed a "resilient" performance - despite a steep drop in revenue.
Speedy, based in Newton-le-Willows, saw revenues drop by over 10% to £363.6m in the year ended March 31, compared with £406.7m the year before.
The pandemic also caused the firm to cut over 100 jobs, meaning its workforce now stands at 3,300, as well as close 13 of its depots - with a further 22 being "consolidated" into six enhanced sites.
Adjusted profit before tax rose by over 20% however, from £14m to £17m, while hire revenue in Q4 increased by 4% on the year before.
The firm added that it is now well positioned for "sustainable growth", and it has pledged to reach net-zero emissions before 2050.
Russell Down, chief executive, said:" I am pleased to report results that are ahead of our expectations in what has been an exceptionally challenging year for customers and colleagues alike.
"The resilient performance of our business during this unprecedented period is testament to the strength of our model, hard work of all my colleagues and strong operational delivery. Our excellent customer service, including our four-hour delivery commitment, has facilitated a strong recovery in the second half.
“We have had an encouraging start to FY2022 with revenue in April and May c.2% ahead of the equivalent period in 2019. Our strong balance sheet and the actions we have taken to develop our digital and ESG offerings give us confidence for the future.”
Other activity for Speedy throughout 2020 included selling its Middle East operations for $18m, and extending its four-hour delivery promise to its top 350 products.
