Speedy Hire PLC Trading Update (7823K)
July 12 2017 - 2:00AM
UK Regulatory
TIDMSDY
RNS Number : 7823K
Speedy Hire PLC
12 July 2017
Speedy Hire Plc
("Speedy" or "the Group")
Annual General Meeting
Trading update
12 July 2017
Speedy, the UK's leading tools, equipment and plant hire
services company, operating across the construction, infrastructure
and industrial markets, provides an update on current trading ahead
of its Annual General Meeting to be held later today.
Revenue for the first quarter of the year ending 31 March 2018,
pre disposals, was ahead of the prior year, primarily as a result
of growth in non-hire revenues in the UK and Ireland. Overhead
costs remain tightly controlled and, after the acquisition of
Lloyds British, are in line with the prior year. EBITA is
consequently ahead of the prior year and, whilst the revenue mix
has changed, margins have increased.
The Group invested c.GBP15m in the first quarter in new
equipment for hire, up 13% on the prior year. Expenditure has been
carefully targeted with average asset utilisation rates increasing
to 53.7%, up 6.9% compared to the previous year. Net debt at 30
June 2017 was at a similar level to 31 March 2017, significantly
lower than at this time in the prior year.
The Group remains on track to deliver a result for the full year
in line with the Board's expectations, well ahead of the prior
year's result.
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
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 210 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
TSTEAAXFFFXXEAF
(END) Dow Jones Newswires
July 12, 2017 02:00 ET (06:00 GMT)
Speedy Hire (LSE:SDY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Speedy Hire (LSE:SDY)
Historical Stock Chart
From Apr 2023 to Apr 2024