Speedy Hire PLC
27 September 2007
27 September 2007
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 interim results for the six months to 30 September 2007.
The momentum in the business remains strong, with turnover for the five months
to 31 August 2007 increasing by 33%. The Tool Hire Division and Equipment
Division have both performed well during the period, with Tool Hire turnover
increasing by 28% including the impact of one month's revenue from Hewden. The
Equipment Division has seen a 37% increase in revenue over the period. All
operations have seen an increase in market share.
On 1 August 2007, the Group announced completion of its acquisition of Hewden
Tools, the trade and assets of the tool hire division of Hewden Stuart Plc. The
integration of this business is progressing well and whilst still in the early
stages is on track and in line with plans.
As communicated at the time of the acquisition, following completion and now
that integration is underway, the Group is unable to provide reliable like for
like growth figures for the Tool Hire Division. Reporting of like for like
figures will re-commence once the first anniversary of the acquisition of Hewden
Tools has passed and comparisons once again become possible. The like for like
run rate prior to the acquisition was over 10% and momentum in the underlying
business has continued to be strong since then.
The outlook for both the tool and equipment hire markets remains positive and
our customers continue to report strong order books. Although mindful of the
current uncertainty in the financial markets, at present there appears to be no
sign of this impacting on our market and the Group continues to trade well and
in line with market expectations. The Board remains optimistic of reporting
further good progress.
Speedy Hire will announce its interim results on Wednesday 28 November 2007.
www.speedyhire.plc.uk
For further information:
Speedy Hire Plc Hudson Sandler
Steve Corcoran, Chief Executive Nick Lyon
Neil O'Brien, Finance Director Wendy Baker
Tel: 01942 720 000 Kate Hough
Tel: 020 7796 4133
Notes to editors:
Speedy is the UK's No.1 provider of tools and equipment for hire. The Company
operates from over 500 depots throughout the UK. The Group also operates in the
Republic of Ireland.
The Group's activities are the provision for hire of small tools, portable
accommodation, compressed air, pumps, lifting, material handling, survey and
measurement instrumentation and power generation equipment.
This information is provided by RNS
The company news service from the London Stock Exchange
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