Interim Management Statement - Self help delivering results
Speedy Hire Plc, the UK's largest provider of tools and equipment for hire, is releasing its interim management statement in respect of the period from 1 October 2011 to 14 February 2012.
Trading for the period overall has been in line with the Board's expectations.
Group underlying* revenues for the third quarter (Oct - Dec) were up 7.6% against the prior year with the focus on self help measures to drive operational efficiency delivering further improvement in profitability. We expect to have opened a further 3 superstores by the end of February, continuing the network reconfiguration in order to deliver improvements in customer service, product availability and operational efficiency thereby continuing to drive margin growth.
Speedy's second half is always influenced by the Christmas period when the weather and holidays cause activity for many of our clients to be reduced. Whilst in January, the initial speed of recovery following the Christmas period was slower than expected as the mild weather resulted in lower revenues from heating and drying equipment, subsequently, trading has benefited from the recent bout of cold weather together with improved revenues from non-weather related activity.
The Group has maintained its focus on the regulated industries and private sector investment markets of water, waste, energy and transport. Speedy is making steady progress despite the challenging market conditions and uncertain economic outlook and the Board remains confident of meeting its expectations for the financial year.
*underlying revenue is total revenue excluding revenue from fleet sales and adjusted for the disposal of the accommodation hire operations in April 2011 and the expiry of the Network Rail maintenance contract in December 2010.
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 leading UK provider of equipment rental and support services to a wide range of clients across the construction, infrastructure, industrial, manufacturing and facilities management sectors - as well as to local trades and industry.
Operating from over 300 fixed sites - together with a number of on-site facilities at client locations throughout the UK, Ireland and an international hub based in the Middle East - the Group supplies a range of services including:
· the provision of small tools and equipment
· surveying and measurement instrumentation
· lifting and materials handling equipment
· low level access equipment
· compressed air
· temporary power generation
· mechanical pumps
· temporary site communications
The Group also provides associated services through the provision of training, asset management and testing, repair, inspection and maintenance (TRIM).
Speedy is accredited to ISO9001 and recently achieved national OHSAS18001 accreditation. Additionally we have ISO14001# and nationally hold the HAE SAFE Hire accreditation.
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