TOOL and equipment company Speedy Hire said it was looking to continue its growth after reporting an 18.6 per cent rise in full-year profits.

The increase in profits to £36.4m came as Speedy said research indicated the UK market had the potential to increase by 19 per cent by 2010, driven by high levels of activity in the construction sector and increased legislation to encourage safer working practices.

Overall revenues were up 31.9 per cent to £335.5m in the period.

Speedy, which employs 3,800 people and operates 361 depots, including sites in Middlesbrough, Sunderland and Stockton, said it had a 7.6 per cent share of a UK hire market which is thought to be worth about £4.5bn.

Chairman David Wallis said: "We are confident there are further opportunities to expand our business, both geographically and in the range of products and services we offer."

Shares closed one per cent higher at 1290p.