Plant hire firm Speedy has reported a 12% rise in revenue for the year ended 31 March 2017.

In its financial results, the Group's revenue increased from £329.1 million in 2016 to £369.4m this year, while profit before tax rose to £14.4m following on from a £57.6m loss last year.

Following a series of cost-cutting measures, net debt has been reduced from £102.6m to £71.4m.

Chairman Jan Åstrand said: "I am pleased to report that the actions undertaken by management have enabled us to report substantially improved results; revenue and profits have increased, the hire fleet has been reduced, utilisation rates increased, and net debt has fallen significantly. The business has been stabilised and we have created a solid platform for the future."

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Russell Down, Chief Executive, said the results demonstrate how successful the company's turnaround plan has been, with "significant improvements across all financial and operational performance measures".

"Whilst we have made a solid start to the year, the market remains competitive," he said.

"With the business now stabilised and a strong balance sheet, we are well positioned to take advantage of market opportunities and continue to deliver sustainable profitable growth."

(LM/MH)