TIDMSDY

RNS Number : 6221T

Speedy Hire PLC

31 March 2016

Speedy Hire Plc

("Speedy" or "the Group")

Trading update

Speedy, the tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, today issues a trading update for the year ending 31 March 2016. The Group's full year results are scheduled to be announced on 17 May 2016.

The Board confirms that the full year adjusted profit before tax is anticipated to be in line with market expectations and net debt broadly in line with the previous year end.

Following a review of the carrying value of intangible assets, the Board has concluded that the value of acquired goodwill held on the Balance Sheet (c.GBP45m) will be written off as a non-cash Exceptional Item in the full year results.

Directorate changes

The Group is pleased to announce that Rob Barclay, Managing Director UK, Ireland and Middle East of SIG plc, the market leading supplier of specialist products to the building and construction industry, will join the Board as a Non-Executive Director with effect from 1 April 2016. He has also been appointed Chairman of the Remuneration Committee and will join the Nomination and Audit Committees.

Mr Barclay joined SIG plc, a FTSE-250 company, in 1997 and has held various senior management roles within the business including Managing Director of SIG Distribution, having led its creation by bringing together the Group's UK insulations, interiors, construction accessories and fixings businesses. Prior to joining SIG Rob was a Regional Manager for a global wood products company based in New Zealand, from where he originates.

Further to the Group's announcement on 3 December 2015 that Chris Morgan had been appointed as Interim Finance Director, the Group is pleased to announce that Mr Morgan has now been appointed on a permanent basis and will join the Board as an Executive Director, also with effect from 1 April 2016. Chris was Chief Financial Officer at Go Outdoors, the UK's leading retailer of outdoor equipment and clothing, from 2012. He was previously Chief Financial Officer at Focus DIY, and before that held a number of senior finance positions at Tesco including Group Controller, and Finance Director, Czech Republic and Slovakia.

Bob Contreras, who joined the Board in December 2015, will assume the role of Senior Independent Director with immediate effect.

Corporate broker

The Group today announces the appointment of Liberum as its sole Corporate Broker with immediate effect.

Enquiries:

Speedy Hire Plc Tel: 01942 720000

Jan Åstrand, Executive Chairman

Russell Down, Chief Executive

Instinctif Partners Tel: 020 7457 2020

Mark Garraway

Helen Tarbet

The following disclosure is made pursuant to paragraph 9.6.13 of the Listing Rules:

Mr Morgan was a Director of the following Focus Group companies:

 
 Do It All (Holdings)     In Administration (started 05/05/11, 
  Limited / Do It All      ended 01/05/12) 
  Limited / Focus DIY 
  (Investments) Limited 
  / Payless Properties 
  Limited 
-----------------------  ----------------------------------------- 
 Focus (DIY) Limited      CVA (completed 13/07/10); In 
                           Administration (started 05/05/11, 
                           ended 26/10/12); CVL (26/10/12 
                           - 22/08/15) 
-----------------------  ----------------------------------------- 
 Focus DIY (Finance)      CVL (17/08/11 - 17/01/13) 
  Plc 
-----------------------  ----------------------------------------- 
 Focus Group (Finance)    CVL (12/01/12 - 15/05/13) 
  Ltd 
-----------------------  ----------------------------------------- 
 Focus No. 1 Limited      CVA (completed 13/07/10); CVL 
                           (09/08/11 - 17/01/13) 
-----------------------  ----------------------------------------- 
 Payless DIY Limited      CVA (completed 03/06/10); Administration 
                           (started 05/05/11, ended 01/05/12) 
-----------------------  -----------------------------------------

CVA (Corporate voluntary arrangement)

CVL (Creditors voluntary liquidation)

There is no information to be disclosed pursuant to Listing Rule 9.6.13 in respect of the appointment of Mr Barclay.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

March 31, 2016 02:00 ET (06:00 GMT)

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