A Merseyside construction, infrastructure and industrial equipment hire specialist has sold its operations in the Middle East for $18m.
Newton-le-Willows-based Speedy Hire has completed the deal for its equipment fleet, stock and other fixed assets relating to its business in the region to ADNOC Logistics and Services.
The division provided equipment and manpower services to the oil and gas market in Abu Dhabi.
Speedy has carried out work for ADNOC since 2012, with its contracts expiring on February 28, 2021.
Its international business has continued to operate a Kazakhstani joint venture.
In a trading update issued to the London Stock Exchange, Speedy Hire added that the wider group's trading since September 30 has been ahead of its board expectations.
It added that its pre-tax profits for the year to March 31, 2021 are expected to be "well ahead" of market forecasts.
Don't miss a thing - sign up for your free North West newsletter - and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
For all the latest stories, views, polls and more - and the news as it breaks - .
Most Read
Chief executive Russell Down said: "I am pleased to report another period of momentum and resilience for the group as our colleagues have adapted and supported our customers in these challenging times.
"Our ongoing positive trading has benefitted from increasing activity levels and shows the strength of our strategy, people and operational delivery.
"The successful exit from the Middle East operations is an important strategic step for Speedy and we wish the whole of the ADNOC team every success in the future.
"Looking ahead, we are well positioned to take advantage of the market opportunities in the 海角视频 and Ireland as activity levels continue to improve."