Speedy Hire PLC
07 April 2005
7 April 2005
Speedy Hire Plc
('Speedy Hire' or 'the Group')
Trading Update
The Board of Speedy Hire is pleased to provide the following update on trading
in advance of its preliminary results for the twelve months ending 31 March
2005.
Since the interim results on 24 November 2004, the Group has continued to make
good progress. Total turnover for the first 11 months of the current financial
year increased by 18% and like for like turnover increased by 12% in the tool
hire companies. All companies and all regions have experienced record levels of
trading.
During the financial year Speedy has made five acquisitions for a total
consideration of £19m. All our acquisitions have been successfully integrated
into the Speedy Hire network and have helped accelerate the group's expansion
into non-construction markets whilst further enhancing our service offering to
customers.
In addition, the Group disposed of its low return toilet hire business for
£1.1m. The exit costs will result in a £0.6m exceptional charge relating to
fees and asset write offs.
We operate in a healthy commercial environment and continue to win market share.
The Board is confident of meeting market expectations.
Speedy Hire will announce its preliminary results on 1 June 2005.
Website: www.speedyhire.plc.uk
-ends-
Enquiries:
Speedy Hire Plc gcg hudson sandler
Steve Corcoran, Chief Executive James Benjamin
Neil O'Brien, Finance Director Tel: 020 7796 4133
Tel: 01942 720 000
Notes to editors:
Speedy Hire is the number one provider of equipment hire services in the UK,
operating from over 300 depots throughout the country. The Group is focused
primarily on tool hire, with complementary businesses specialising in portable
accommodation, lifting equipment, surveying and measurement instruments and
compressed air and power generating equipment.
This information is provided by RNS
The company news service from the London Stock Exchange
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