People seem to be having trouble being able to calculate speed, so i made a quick Phunlet, which, guess what, calculates speed. You can also get the x and y velocities.
IT MUST BE SINGLE HINGED ONTO THE OBJECT!
It is fully scalable, so you have it at a discreet size.
EDIT: It now works
The problem was to do with the texture matrix.
Speed is read off scene.my.speed, velocity is an array, and is on scene.my.velocity.
If you want two in the same scene, have a look at the onHitByLaser of the circle, and change the variable's' names, as appropriate.
Have Phun!