Speedy Hire PLC Trading Update (2617L)
September 30 2016 - 2:00AM
UK Regulatory
TIDMSDY
RNS Number : 2617L
Speedy Hire PLC
30 September 2016
Speedy Hire Plc
("Speedy" or "the Group")
Trading Update
30 September 2016
Speedy, the tools, equipment and plant hire services company,
operating across the construction, infrastructure and industrial
markets, today issues a trading update for the six months ending 30
September 2016 (H1 FY2017). The Group's half year results are
scheduled to be announced on 16 November 2016.
As previously indicated, the recovery plan has stabilised the
business and continues to drive improved performance. During H1
FY2017 the operational restructuring and focus on management of
rental assets has continued, resulting in further improvements in
operating performance. Employee numbers have been reduced by over
100 from the start of the financial year.
Revenue for H1 FY2017 is ahead of the prior year and slightly
ahead of the Board's expectations. With lower overhead costs,
profit before tax will be ahead of H1 FY2016. We anticipate further
progress and the Board expects that the full year profit before tax
will be ahead of its previous expectations.
The costs associated with the operational restructuring and
September's general meeting will be recognised as exceptional
items.
Following disposal of the large mechanical plant fleet, net debt
will be significantly lower than in the comparable period and at
the year end.
As previously announced, Jan Åstrand, Chairman, reverts to
non-executive status with effect from 30 September 2016.
Enquiries:
Speedy Hire PLC Tel: 01942 720 000
Russell Down, Chief Executive
Chris Morgan, Group Finance Director
Instinctif Partners Tel: 020 7457 2020
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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