Speedy Hire PLC Trading Update (0797B)
March 31 2017 - 02:00AM
UK Regulatory
TIDMSDY
RNS Number : 0797B
Speedy Hire PLC
31 March 2017
Speedy Hire Plc
("Speedy" or "the Group")
31 March 2017
Trading update
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. The Group's full
year results are scheduled to be announced on 16 May 2017.
Group revenues, excluding disposals, for the full year are
expected to be approximately 7% ahead of the prior year. Adjusted
profit before tax is expected to be in line with the Board's
expectations at the time of the last trading update on 7 February
2017, well ahead of the prior year. As previously reported, the
Group's hire fleet has been substantially reduced, resulting in an
improvement in Return on Capital Employed. Net debt at 31 March
2017 is expected to be less than GBP80m. This is significantly
lower than the prior year and after funding the Lloyds British
acquisition.
Board committee changes
With immediate effect, David Shearer has been appointed as a
member of the Remuneration Committee and, in accordance with best
practice, Jan Astrand has stepped down from both the Audit and
Remuneration Committees.
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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