Trading Update

RNS Number : 8296I

Speedy Hire PLC

26 March 2018

 

Speedy Hire Plc

("Speedy" or "the Group")

Trading update

26 March 2018

Speedy, the UK's leading tools and equipment hire company, operating across the construction, infrastructure and industrial markets, today issues an update on its trading performance for the year ending 31 March 2018. The Group's full year results are scheduled to be announced on 16 May 2018.

The Group's hire fleet optimisation programme continued during the year and, excluding the effect of acquisitions, the hire fleet has further reduced. Return on Capital Employed for the year is expected to be c.11%, up from 7.7% in the prior year. Average asset utilisation for the 11 months to February 2018 was 55.4%, up 4.3% from the prior year. Net debt at 31 March is expected to be approximately £80m after expenditure of £23m on acquisitions. The acquisitions are performing in line with expectations and revenue and cost synergies are being realised as planned.

As a result of the Group's renewed focus on both SME customers and services revenues, and despite the recent liquidation of Carillion, full year revenues before disposals are expected to be approximately 6% ahead of the prior year. Adjusted profit before tax for the year is expected to be ahead of the Board's previous expectations.

Enquiries:

Speedy Hire Plc	Tel: [phone]
Russell Down, Chief Executive
Chris Morgan, Group Finance Director
Instinctif Partners	Tel: [phone]
Mark Garraway
James Gray

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 over 200 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.

 

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