The Newton-le-Willows-based business was crowned `Hire Company of the Year' at the Hire Association Europe Awards.
The FTSE 250 company also collected the award for `Best Contribution to Environmental Issues' at the ceremony which took place in London earlier this month.
The firm's pre-tax profits were £36.4m to the end of May last year and analysts are already predicting that this year's results will be in the region of £48m.
The judges drew attention to Speedy Hire's `Safety from the Ground Up' initiative which demonstrated the company's commitment to health, safety and environmental issues.
They were also impressed by the firm's commitment to promoting environmental best practice and its work to support its customers' existing environmental programmes.
Steve Corcoran, chief executive of Speedy Hire, said: "The Hire Association Europe Awards recognise outstanding achievements in the hire industry, celebrating the success of independent and national plant hire companies.
"It's fantastic that the effort and success of the thousands of staff at Speedy has been recognised with these prestigious awards.
"We've raised the bar by identifying new products and services that can help our customers reduce their environmental impact.
"The tools, equipment and skills people need to work sustainably are a critical piece of the green jigsaw - and we are determined to focus more than ever on what we can do to help."
Speedy Hire has a new range of generators which run on biofuel, energy efficient lighting systems and rigorous maintenance programmes that ensure the reduction of greenhouse gas emissions.
It also places a premium on optimum efficiency across the firm's existing fleet and the company was also the first hire firm to introduce electric vehicles to its delivery fleet in some urban areas.
Graham Arundell, managing director of Hire Association Europe Awards, said: "This year's judging panel had a sizeable task on its hands as the competition in each category was very high.
"Speedy Hire's two awards are very well deserved - the company has made significant advances over the last twelve months, and is rapidly deepening its green credentials."
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