Trading Update

RNS Number : 5208C

Speedy Hire PLC

18 March 2014

 



18 March 2014

Speedy Hire Plc

("Speedy" or "the Group")

Trading Update

Following a review of its most recent management information, Speedy today provides an update on trading and its outlook for the year ending 31 March 2014.

In the Interim Management Statement of 12 February 2014, we stated that "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". However,

·      asset sales are running at a slower pace than anticipated and below historical trends;

·      trading losses in our Middle East business are likely to be greater than anticipated as the business is being stabilised. The performance of the International division will also be negatively impacted by adverse foreign exchange movements relating to the Kazakhstan Joint Venture; and

·      whilst total UK revenues are marginally higher than in the same period in the prior year, reflecting growth in services revenue, the higher margin hire revenues for February and March are below forecast.

As a consequence, the Speedy Board now expects adjusted PBT* for the year ending 31 March 2014, to be in the region of £14.5 million.

Focus for the Group is on completing the stabilisation of the International division, and in the UK, focussing the sales effort to take advantage of the improving economic conditions, and delivering the previously announced network and asset optimisation projects. 

Speedy also confirms that its Preliminary Results for the year to 31 March 2014 will be announced on 13 May 2014.

* before amortisation and exceptional costs

For further information please contact:

Speedy Hire Plc	Hudson Sandler
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 it holds nationally 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

 

 

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