Trading statements are always interesting, and this recent Speedy one is what you would expect. Recovery on plan, better YOY etc... All the buzz words their creative guys will pencil to assure the market things are on the up. I've been following these shares and looking back at the previous years statements and trends and wouldn't get myself excited and I'm surprised at the small surge with the positive statement. Last year (according to the CEO) was a mess, a failed network optimisation programme, IT systems in distress and essentially no hire kit on the shelves of their depots - YOY last year was an absolute car crash, that was the message. Yet 14-15 (also a recovery year) was massively ahead of the business today even though apparently the business was not achieving potential then! How does this half year compare to that in actual numbers? I imagine unfavourably. I would like to see how the business is performing in market share, overall revenue and profit margin - what are the plans that might actually sustain that? as all I hear are perpetual messages that allude to cost cutting (which tends to be short term opportunism and not growth). Granted the share price is low and could represent opportunity but not if Speedy fails to grow. HSS aside, the competition has pushed on - that kind of momentum is difficult to stop - as is rolling down a hill in the wrong direction. I think as Tosca suggest, nothing really has changed, if anything Speedy is failing. I would love to see the changes that are in action now that can convince me to invest in what should be a profitable company or for Speedy to invest in the right people at the top to lead Speedy out this mess.
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