SHARES in Speedy Hire have surged after the tool rental firm hammered out a hefty jump in profits. The group was up more than four per cent on the London Stock Exchange, as it swung to a pre-tax profit of £14.4 million for the year ending in March, compared with a £57.6m loss over the period in 2016. It comes after the company launched a strategic overhaul in 2015 which resulted in a 10 per cent cut to its hire fleet and the disposal of its heavy plant for £14.4m. Chief executive Russell Down said: "These results demonstrate the success of our turnaround plan with significant improvements across all financial and operational performance measures. Whilst we have made a solid start to the year, the market remains competitive. 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."
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