Hewden Stuart surprises with GBP 38.6m profits

STRONG performances in all its core operations saw the country's leading equipment hire company Hewden Stuart lift pre-tax profits 31% to GBP 38.6 million for the year to the end of January.

Chairman Sandy Findlay said the results were better than expected and the firm is confident about prospects for the new trading year, with the first two months showing results up on last year.

"The economy looks to be set fair for the next couple of years," he said. Findlay confirmed that the company is selling its merchandising businesses to management buyouts for their near-GBP 11 million book value. He expects the sales to be completed before the end of May, while discussions are also under way for the sale of contracting and quarrying activities. Findlay said in future the company would focus on its core hiring businesses to the construction and other industries, and was moving towards unified branding of them. He expected the powered access platforms company Instant Access Centres, bought at the end of the financial year, to have a positive effect on this year's results. Last year's profit was achieved on turnover of GBP 296.3 million, up from GBP 276.6 million. Hewden Stuart is paying a final dividend of 2.6p, making a total of 3.6p, up 12.5%.

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