Interim Management Statement

RNS Number : 5745J

Speedy Hire PLC

18 July 2013

 



18 July 2013

SPEEDY HIRE Plc

("Speedy" or "the Group")

Interim Management Statement - Maintaining Our Consistent Strategy

At the Annual General Meeting to be held at 10.00 today, Ishbel Macpherson, Chairman, will give the following update on the Group's progress since the start of the current financial year.

"Despite continued challenges in the UK economy, performance in the first quarter was satisfactory. At a Group level, revenue for the 3 months to 30 June 2013 decreased by 0.8% on the same period last year.

In the UK and Ireland division, which constitutes 93% of Group revenues, the continued strategy of developing the services revenue, combined with focus on the growth sectors of water, waste, energy and transport, has underpinned a resilient performance considering the difficulties that remain in the general construction sector.  Additionally, the National Grid contract started well.  The prior year period was positively impacted by significant infrastructure spend ahead of the Olympics and, as a result, revenue decreased by 2.6% against the first quarter FY13.

The International division has seen an encouraging start to the year with revenues in the first quarter 30% ahead of the prior year period.  This has been driven by continued growth in oil and gas projects and the ZADCO project progressing in line with our expectations. Speedy has a strong pipeline of further opportunities in our target sectors of oil and gas and government-funded infrastructure which provide the International division with a good platform from which to make further progress in FY14 and beyond.

Speedy has continued to drive through the benefits from its efficiency programmes within the property network, which, along with the logistics strategy, are building a solid platform for future growth.  Strategic capex continues to be focussed on growth sectors and in support of key contracts.

The UK economy remains under pressure, but we continue to focus on specific UK sectors, grow our services offering, support our efficiency programmes and improve the scale and performance of the International division.  The Group is trading in line with management expectations for the full year and the Board remains confident that it is well positioned for the future."

Future announcements

Speedy will issue its Interim Results for the 6 months ended 30 September 2013 on 12 November 2013 and will issue a Trading Update on 17 October 2013.

For further information please contact:

Speedy Hire Plc
Steve Corcoran, Chief Executive
Lynn Krige, Group Finance Director
Tel: [phone]

Hudson Sandler
Nick Lyon
Tel: [phone]

Note - Forward looking statements

The information in this release is based on management information.

This report includes statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Company undertakes no obligation to update, revise or change any forward looking statements to reflect events or developments occurring after the date of this report.

Notes to Editors:

Founded in 1977, Speedy is the leading UK provider of equipment rental and support services to a wide range of clients across the construction, infrastructure, industrial, manufacturing and facilities management sectors - as well as to local trades and industry.

Operating from 283 fixed sites - together with a number of on-site facilities at client locations throughout the UK, Ireland and an International hub based in the Middle East - the Group supplies a range of services including:

·     the provision of small tools and equipment

·     surveying and measurement instrumentation

·     lifting and materials handling equipment

·     low level access equipment

·     compressed air

·     lighting equipment

·     temporary power generation

·     mechanical pumps

·     temporary site communications

The Group also provides associated services through the provision of training, asset management and testing, repair, inspection and maintenance (TRIM).

Speedy is accredited nationally to ISO9001 and OHSAS18001 accreditations. In addition we have ISO14001 (210 depots) and nationally hold HAE SAFE Hire accreditation, as well as Achilles Link-up, UVDB, Building Confidence and F-Pal.

Further accreditations include Constructionline, SAFEcontractor, CHAS, LEEA and BITC Gold Award for CR Index 2012

 

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