Interim Management Statement

RNS Number : 8426Z

Speedy Hire PLC

12 February 2014

 



12 February 2014

Speedy Hire Plc

("Speedy" or "the Group")

Interim Management Statement - Maintaining Our Consistent Strategy

Speedy Hire Plc, the UK's largest provider of tools and equipment for hire, is today releasing its interim management statement in respect of the period 1 October 2013 to 11 February 2014.

Speedy's consistent strategy, market positioning and strong market share in key sectors in the UK continues to underpin the progress being made by the Group.

In the UK & Ireland, Q3 revenue* was up 3.3% against the same period in the prior year, with trading for the year to date in line with the prior year.  Notable new contract wins and mobilisation of contracts won earlier in the financial year are providing further momentum.  Speedy has continued to make good progress with its accelerated depot reconfiguration and during the quarter a new Multi-Service Centre in Glasgow and four new Superstores became operational.

In International, a new management team is being built and an optimum structure developed to ensure integration and support across the Group.  Speedy continues to deliver on its key contracts and the Middle East remains an important target market for the Group.  The investigations by Addleshaw Goddard and Deloitte into the accounting irregularities in the International business are nearing conclusion and we anticipate announcing a summary of the financial impact shortly.

Whilst performance in International is running behind expectation, the UK performance to date gives the Board confidence that the Group will meet its expectations for the full financial year.

Speedy also confirms that it will issue a Trading Update on 26 March 2014, ahead of its Preliminary Results, which will be announced on 13 May 2014 for the year to 31 March 2014.

*before planned disposals of hire fleet.

For further information please contact:

Speedy Hire Plc	Hudson Sandler
Mark Rogerson, Chief Executive Officer Lynn Krige, Group Finance Director Tel:  [phone]	Nick Lyon, Katie Matthews, Charlie Barker Tel: [phone]

Website:  www.speedyhire.plc.uk

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.

The Group operates from 258 fixed sites throughout the UK - together with a number of on-site facilities at client locations. The Group also operates in the Republic of Ireland and from 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

·      portable compressed air

·      temporary lighting equipment

·      temporary power generation

·      electrical & mechanical pumps

·      temporary site communications

·      light plant & general building equipment 

As a differentiation from other general hire companies, the Group also provides associated services to manage client risk through the provision of training, asset management and testing, repair, inspection and maintenance (TRIM).

Speedy is accredited nationally to ISO9001, ISO14001 and OHSAS18001 standards. In addition we nationally hold HAE SafeHire accreditation, as well as Achilles Link-up, UVDB, Building Confidence and F-Pal. Further accreditations include UKAS (Specialist Lifting Engineers - for Compliance Inspections), Constructionline, SAFEcontractor, CHAS, LEEA and being ranked a Platinum company in the Business in the Community (BITC) CR Index 2013.

 

END

 

 

IMSSFUFWFFLSEDE