Speedy Hire PLC Trading update and AGM statement
RNS Number : 1713L
Speedy Hire PLC
09 September 2021
Speedy Hire Plc
("Speedy", "the Company" or "the Group")
9 September 2021
Trading update and AGM statement
Speedy, the UK's leading provider of tools and equipment hire,
and services to the construction, infrastructure and industrial
markets, provides an update on trading to August in advance of its
Annual General Meeting later today.
The Group has continued to benefit from the positive momentum
experienced at the start of the current financial year and is
trading in line with the Board's expectations.
Trading remains strong with encouraging activity levels being
seen in the market. UK and Ireland core hire revenue for August was
c.4% ahead of the corresponding period in FY2020 (which is a more
meaningful comparison than FY2021) and c.3% ahead for the year to
date. Overheads remain tightly controlled.
Asset utilisation rates have improved and for the year to date
are c.2% ahead of the comparable period in FY2020. Whilst there is
some evidence of extended supply chain lead times, the Group is not
experiencing any material impact on hire fleet availability.
The Group's balance sheet remains strong with net debt as at 31
August 2021 at c.GBP43 million.
The Group has invested c.GBP35 million in the hire fleet for the
year to date in response to strong demand in certain markets. In
line with the Group's strategic goals, the investment has been
focused on sustainable products.
The Board will provide further details on Group performance at
the interim results announcement to be held on 17 November
Russell Down, Chief Executive, commented:
"I am pleased to report that our positive momentum has continued
with trading remaining strong. We have significant headroom within
our bank facilities which enables us to invest in our strategic
priorities and take advantage of the encouraging market
Speedy Hire Plc Tel: 01942 720 000
Russell Down, Chief Executive
James Bunn, Chief Financial Officer
MHP Communications Tel: 0203 128 8147
Inside Information: This announcement contains inside
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
certified nationally to ISO50001, ISO9001, ISO14001, ISO17020,
ISO27001 and OHSAS18001. The Group operates from c.200 sites across
the UK and Ireland together with a number of on-site facilities at
client locations and through a joint venture in Kazakhstan.
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(END) Dow Jones Newswires
September 09, 2021 02:00 ET (06:00 GMT)
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