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 £80m. This is significantly lower than the prior year and after funding the Lloyds British acquisition.
Previous charts mean nothing. Rising dividends, paying off debt, profits rising, a recent acquisition, and forecast to be ahead of expectations. I do think you'd have to be slightly thick to be willing to buy that many shares into a failing company that you knew was going to take a turn for the worse. For now I can't see why this shouldn't gain a few pence. Let me know your reasons otherwise.
Its against FCA rules pertaining to directors buying ahead of forthcoming statements. There is a closed period of 1 calendar month ahead of any companies results, trading statements.
Either way, I wouldn't read a great deal into this to be perfectly honest, since I sold a few months back this stock has struggled to make significant headway and on a chart basis now looks to be heading into the 40s as opposed to heading higher into the 50s.
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