Statement re: Carillion plc

RNS Number : 9290B

Speedy Hire PLC

15 January 2018

 

Speedy Hire Plc

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

Carillion

15 January 2018

Speedy, the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, notes today's announcement relating to Carillion plc ("Carillion").

The Group is a supplier of hire equipment and services to Carillion and is committed to supporting the delivery of projects as planned. Revenue in the 12 months to December 2017 with all Carillion entities was c.£12.0m, of which c.55% represented core hire revenue; outstanding debt at 31 December 2017 was £2.0m.  A proportion of the group's revenue and debt relates to Joint Venture arrangements involving third parties which are expected to continue unaffected.

It is intended that any profit impact of Carillion's compulsory liquidation will be recorded as an exceptional non-underlying charge in the income statement for the year ending 31 March 2018.

The impact of Carillion's situation is not expected to be material to the Group which had net debt at 31 December 2017 of £88.9m. The Group remains on track to deliver a result in line with expectations for the full year.

Enquiries:

Speedy Hire Plc                                                                       Tel: [phone]

Russell Down, Chief Executive

Chris Morgan, Group Finance Director

Instinctif Partners                                                                     Tel: [phone]

Mark Garraway

James Gray

Notes to Editors: Founded in 1977, Speedy is the UK's leading provider of tools, equipment and plant hire services to a wide range of customers in the construction, infrastructure and industrial markets, as well as to local trade and industry.  The Group provides complementary support services through the provision of training, asset management and compliance services. Speedy is accredited nationally to ISO50001, ISO9001, ISO14001 and OHSAS18001. The Group operates from over 200 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 office based in Abu Dhabi.

 

END

 

 

STRFKPDBABKDPDD