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Plant hire business Speedy Hire has secured a five-year services agreement in the Middle East and North Africa that will push revenue in its asset services division over the £10m mark.

The company, based in Newton-le-Willows, has signed a deal with Al Futtaim Carillion (AFC), a joint venture business between Carillion and the Al-Futtaim Group.

Under the terms of the agreement, it will provide light plant and equipment, as well as asset management and logistical services. Speedy has also acquired certain light plant and other assets from AFC for £4.1m in cash which, together with existing equipment transferred from the UK and investment in new equipment, takes its overall investment to support AFC’s specific requirements to £8.5m. Chief executive Steve Corcoran said: "This underlines the long term value of our strategy of deepening our relationships with leading international contractors and industrial clients and highlights Speedy’s rapid progress in becoming an international services business."

In the six months to 30 September Speedy posted a pre-tax loss of £13.6m but said it expects to "broadly break-even" in the second half.