AT THE HEART OF HIRE
INDUSTRY REVENUE DOUBLES IN 12 YEARS
This issue sees the publication of Catherine Stratton’s 13th annual Tool Hire Top Ten. Re-reading her first attempt at producing a definitive list of the leading tool and equipment hirers back in January 2002, she estimated that that the UK market had an annual turnover of £1 billion. In 2002, the Top Ten hirers had a combined turnover of £515.9m. In this year’s financial review, we estimate their revenues to be £994.5m.
The 2014 edition of the Tool Hire Top Ten estimates that our market has doubled over the last 12 years to achieve revenue of £2 billion for the first time. The Top Ten hirers achieved growth of just over 8% for the year. Even when inflation is taken into account, this easily outperforms the UK economy as a whole - just as our headline in last year’s corresponding Forum stated. When you add the estimated 51% of the revenue contributed by independent hirers, our industry’s growth rises to 11%, which is a tremendous achievement.
TOO GOOD TO MISS
If you’ve missed the fact that we are hosting the Executive Hire Show at the Ricoh Arena, Coventry in two weeks time, you must have been sleepwalking through this winter. We have a record number of 146 exhibitors, all on one floor - over 50 of which are new suppliers, including many looking to offer their products and services to our industry for the first time.
As the hire market continues to grow strongly this year, you will undoubtedly need new products to meet this increased demand. There won’t be a better place this year to unearth these new profit opportunities than at the Executive Hire Show, especially, if you follow the Innovation Trail around the exhibition.
As well as innovative products, you will also need more of your core fleet items. Many will be available at real ‘Show Only’ deal prices throughout the two days of the Show, but will not be available on the Friday morning when you’re back on your hire counter. There won’t be a better place this year to grab yourself a great deal.
However busy you are, this Show is Too Good To Miss. Please find the time to visit your industry’s national event. We look forward to seeing you.
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Our Tool Hire Top Ten also highlights the improvement in the construction market, which is particularly welcome news for hirers. Overall, the hire market has grown strongly against an almost stagnant economic background. With economic prospects now looking significantly better, we believe 2014 will prove an excellent year for our industry.
We’ll leave the final comment on our industry’s prospects to an executive who will very shortly be leaving the hire scene, at least in the short term. Steve Corcoran, Speedy’s out-going Chief Executive argues, “we are very confident in our forward outlook. With the overall economy improving, there are clear signs of progressive growth for the next decade.” A golden decade for hire, perhaps?
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