Lloyds Equipment Group of the UK reports that its annual turnover has risen 25% thanks to new contracts totalling £1.7m ($2.5m).

The hire sales and equipment testing divisions have struck a deal, expected to be worth more than £800,000 ($1.2m) with Corus – formerly British Steel – to supply all its lifting requirements.

The company has also picked up a national inspection contract from Anglian Water, valued at more than £180,000 a year. The contract involves inspecting equipment at more than 400 locations across the UK.

During the year Lloyds Equipment Group has spent £1.3m on new capital equipment to strengthen its hire fleet and stock new outlets, said managing director Ian White.

Lloyds Equipment Group was created in its new form after Lloyds Equipment Hire took over Lloyds British from KCI Konecranes. Both companies had previously been part of Konecranes until the equipment hire business was bought by its management in 1999.