Trading Update

RNS Number : 1621W

Speedy Hire PLC

07 February 2017

 

Speedy Hire Plc

("Speedy" or "the Group")

Trading Update

7 February 2017

Speedy, the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, today issues an update on its trading performance for the year ending 31 March 2017.

Group revenues for the third quarter, on a like for like basis (pre-disposal), were 10.6% ahead of the prior year, in part benefitting from the timing of the Christmas holiday period. The Group's recovery plan to improve the efficiency of operations remains on track with reduced overheads, and rental assets and net debt both lower than at the half year end.

The Group announced the acquisition of the brand, business and assets of Lloyds British Testing Ltd on 19 December 2016. The integration is progressing well with a number of revenue and cost synergies expected to be realised.  The results of Lloyds British will not materially affect the FY17 underlying profit before tax.

Speedy has implemented a number of customer service initiatives which have led to improving revenue and the retention of major framework contracts.  These include a contract renewal, and scope extension, with Carillion Plc, which in total could be worth up to £45m over three years.

As a consequence of the improving revenue trend and better operational efficiency, the Board anticipates that adjusted profit before tax for the full year will be ahead of its previous expectations.                              

Enquiries:

Speedy Hire Plc                                                                                                    Tel: [phone]

Russell Down, Chief Executive

Chris Morgan, Group Finance Director

Instinctif Partners                                                                                                Tel: [phone]

Mark Garraway

Helen Tarbet

James Gray

Notes:

Inside Information: This announcement contains inside information.

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 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 206 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

 

 

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