Interim Management Statement

RNS Number : 4181M

Speedy Hire PLC

16 July 2014

 



16 July 2014

SPEEDY HIRE Plc

("Speedy", the "Company" or the "Group")

Interim Management Statement

Speedy Hire Plc, the UK's leading tools, equipment, plant hire and services company, operating in the construction, infrastructure and industrial markets, is today releasing its interim management statement in respect of the period 1 April 2014 to 15 July 2014.

At the Annual General Meeting to be held at 11.00 today, Ishbel Macpherson, Chairman, will give the following update on the Group's progress since the start of the current financial year:

"At a Group level, revenue increased by 15.7% for the three months to 30 June 2014 on the same period last year. Economic and market conditions in our core markets continue to show signs of improvement, and the positive revenue trends are in line with management expectations.

In the UK & Ireland Division, which constitutes 94% of Group revenues, the strategy of focusing on core hire, specialist solutions and complementary services, combined with an equal focus on all of our customer groups - strategic, major and regional customers - has delivered revenue growth of 15.6% (10.7% before planned disposals) over the same period in the prior year. We have now fully mobilised our contract with Babcock announced in February and we are progressing the award as a Preferred Bidder for a Tier 1 contract with Balfour Beatty. In addition we have won a number of new contracts with major customers. At a regional level the 'Own City' campaigns are already beginning to make a meaningful contribution to the Group. Whilst it is early days, we have seen good progress in all our target cities, in London and Manchester in particular we have seen growth over the same period in the prior year of 18.9% and 17.2% respectively. Additionally, our Partnered Services Division grew by 50.8% over the same period in the prior year, a result of our Integrated Services Strategy.

The new UK & Ireland senior management team is now in place. The reconfiguration of the depot network has seen the successful delivery of 2 further superstores (Coventry and Aberdeen). Further sites have now been secured and development works started as part of the accelerated plan to complete the network.

The new management team in the International Division is now embedded and continues to deliver on the business' key contracts. The key focus of this team is to return the Division to profitability.

I am pleased to report that the Company has worked hard to focus on the opportunities arising throughout the UK, and Speedy is in a good position to exploit the numerous opportunities for growth that are emerging as the market continues to recover. The Board is therefore confident that the Group is on track to deliver results for the full year in line with its expectations."

Future announcements

Speedy will issue its Interim Results for the 6 months ended 30 September 2014 on 11 November 2014 and will issue a Trading Update on 16 October 2014.

For further information please contact:

Speedy Hire Plc

Mark Rogerson, Chief Executive Officer

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 UK's leading provider of tools, equipment and plant hire, and support services to a wide range of clients across the construction, infrastructure, industrial, manufacturing and facilities management sectors - as well as to local trade and industry.  The Group provides complementary support services through the provision of training, asset management and testing, repair, inspection and maintenance (TRIM).   Speedy is accredited nationally to ISO9001, ISO14001 and OHSAS18001. Operating from 247 fixed sites across the UK and Ireland - together with a number of on-site facilities at client locations throughout the UK, Ireland and from an international hub based in the Middle East.

This information is provided by RNS.

The company news service from the London Stock Exchange

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