AGM Statement

Speedy Hire PLC 24 July 2002 24 July 2002 SPEEDY HIRE Plc CHAIRMAN'S A.G.M. STATEMENT Speedy Hire is a leading provider of equipment hire services to UK contractors and builders, industry, utilities and the public sector, operating from 250 depots throughout the country. The Group is focused primarily on tool hire, with complementary businesses specialising in portable accommodation, surveying and power generation equipment. At the Annual General Meeting held in Haydock today, the Chairman David Wallis said : 'As we stated in the annual report, the current year has started well against a generally encouraging market background. We are the number one tool hirer to the UK construction industry and benefit from the breadth of our customer base, which covers every aspect of the construction and support services sector. The Jewson Tool Hire depots acquired in January have now been integrated into the Speedy Hire network and are trading in line with budget. Our priority is to ensure that these depots, together with the 17 other greenfield depots opened in the last financial year, continue to move towards Speedy Hire's expected levels of turnover and profitability. Once these targets have been achieved we will revert to our more usual greenfield opening programme at around 20 new depots per year. I am pleased to report that activity throughout our market place remains strong. We have seen a 20% increase in turnover during the first 13 weeks, and like-for-like hire turnover growth of 5%. Profitability to date is in line with our budgets and, provided that there is no material change in the general economic outlook, we continue to look forward to a year of further progress for Speedy Hire.' ENQUIRIES: Speedy Hire Plc Hudson Sandler John Brown, Chief Executive Nick Lyon / Keith Hann Neil O'Brien, Finance Director Tel: 020 7796 4133 Tel: 01942 720000 This information is provided by RNS The company news service from the London Stock Exchange

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Speedy Hire (SDY)
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