Speedy Hire inks big contract with Amey Group

20th Jun 2024 12:05

(Sharecast News) - Tool and equipment rental provider Speedy Hire announced a significant infrastructure contract with Amey Group Services on Thursday.

The London-listed firm said the new long-term agreement, set to generate up to £25m annually, was expected to start in the second half of Speedy's financial year, after a transition period to ensure seamless integration.

Amey, a prominent provider of engineering, operations, and decarbonisation solutions for UK infrastructure, chose Speedy Hire for its sustainability credentials and range of eco-friendly products, the board claimed.

Those attributes aligned with Amey's environmental, social and governance (ESG) framework, and its commitment to sustainable infrastructure solutions.

Under the contract, Speedy Hire said it would supply non-operated plant hire to Amey's operations across various sectors, including rail, highways, and public estates.

A significant portion of the equipment would include innovative eco-products, such as H-Power generators from Speedy Hydrogen Solutions and battery storage units from Green Power Hire.

"We are delighted to commence our relationship with Amey, by securing this new contract which is testament to our leadership position in our sector, along with our ability to service major customers with commercially sustainable products and services," said chief executive officer Dan Evans.

"Our Velocity strategy positions Speedy Hire strongly to continue to support all our customers, which we are very pleased now includes Amey."

At 1146 BST, shares in Speedy Hire were up 7.57% at 33.08p.

Reporting by Josh White for Sharecast.com.