"We have established a solid platform from which to build and, whilst we remain alert to the continuing uncertainty in the economy, we expect to make further progress in 2011/12," said chairman Ishbel Macpherson.
There was a second half adjusted profit before tax of £9.2m, compared to first half loss of £9.9m. Revenue was up 0.9% to £354.2m (2010: £351.1m). The figures are up 3.6% when adjusted for fleet equipment sales and the disposed accommodation hire operation.
Earnings before amortisation and exceptional costs were up 3.8% at £8.3m, with a first loss of £4.6m and second half profit of £12.9m.
Sale of older and under-used equipment raised £16.2m for reinvestment into new hire fleet.
The company said that there was continued successful implementation of the Group's strategy of developing close, long-term strategic partnerships with major contractors and industrial groups.
Hire activities are increasingly supported by delivery of a wide range of broader complementary activities in both the UK and internationally, now accounting for 28% of group revenue. There have been improvements in UK hire rates (ending the year 10% ahead of the prior year) and in UK asset usage.
Technology investment has continued, with hand held PDAs now fully rolled out and a new e-commerce website developed.
Speedy Hire’s superstore investment programme has continued, with nine sites opened to date. There has been continued progress in the international and training and advisory businesses, with revenue growing to £10.7m from £3.7m)
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