THE country's largest tool hire company, Speedy Hire, yesterday posted a 25 per cent rise in annual profits and forecast further growth.

The company, which leases equipment such as cement mixers and drills to the construction industry, revealed that pre-tax profits for the year to March rose to £30.7m from £24.5m, while turnover climbed 23 per cent to £254.3m. A statement from the group, which has outlets across the region, including in Middlesbrough, Sunderland, and Stockton, said: "The markets in which our major customers operate remain buoyant and show good growth trends. New Health and Safety legislation provides additional impetus towards hiring rather than owning tools and equipment.