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I've just been looking at Plant companies for sale. Lots of them private with good turnover. Just a thought ! Maybe to turn this company round they could invest in private companies in and around the country buying not just stock but good staff who had to work at the job to local companies. Some of these private companies have good figures recorded and good profit. Not like when they bought Hewden buying scrap and paying top dollar. Better have smaller companies with good turnover regular customers and good profits. Maybe doing this in each area is the way forward. Leaving the dead wood and some Speedy depots closed. Start with the roots again I say ? any thoughts .
Boldboy I have been in the hire industry for 20 years + Speedy are a victim of having over aggressive management that know little if anything about the hire industry. They are paying the price for ignoring experienced staff on the front line and concentrating on the big national deals where there is no profit. I also worked for Speedy many years ago and they were a good firm looking after small local customers. The rot set in when they purchased Hewden. IMO they weren't ready for that acquisition. Back in the Allen days tool hire was a different industry.
Sorry for that I am a little out of date and the fact is they are now owned by a private equity group but were put out for purchase by Finning which had recognised they were not a core operation after nearly fifteen years of ownership. That should send alarm bells ringing round the speedy offices as there are not likely to be any shining white knights out there ,as I speak the share price is plummeting......that really put me in my place!!
Just like others before me, I've posted and been attacked by lame fools who think I'm attacking or have an axe to grind with SDY. I haven't and want my investment to give me a good return. This won't happen until this company wakes up and has a major shake up. Top heavy, as I posted on Friday, and surprise, surprise.!! The Gonks who are on here and post BS, need to wake up.! No one is buying.!! No one is investing.! And there won't be a buy out.! Next.!! Wait for the employees on the Plant side of the business, they will be gone.! Those that bring nothing to the table.! The only problem then is finding a new CEO who knows the industry.!! Fencing, 15p a panel.!! THINK FFS.!
Not sure if you know - but (I think I have said this before) all term agreements /proposals are vetted by a commercial management / pricing team before being allowed to go through
I remember a previous poster being shot down on here (by someone who is now invisible!) for highlighting Speedy rates as suicidal. The claim was it was not reps but commercial managers. b*ll*cks, jumped up reps with even less knowledge and negotiating skills, bullied by procurement departments of big companies. Speedy (and perhaps HSS) need to get some sanity into the rates chargeable or we will never see the returns required.
I contributed a few months ago to the board regarding my views on Speedy and low and behold what I said at the time as borne fruit although of a bitter taste and I also made a mistake in saying Hewden were owned by Finning which some smart ar-e made a clever remark about being a new comer know all . I have to now put said smart ar-e in his place because I worked for Speedy when they only had three shops back in the Allen owned days and know a lot more about the Plant hire industry than you will ever know .If you have something tangible and helpful to offer the unfortunate people who have taken a big hit with Speedy mismanagement then offer it ,otherwise keep your gob shut and learn from others ,don't worry the rest of you, he knows who he is.
So both Speedy & HSS are posting profit warnings?!? This is what happens when you 'buy' the turnover from the big boys at a silly price and ignore the bottom line - Turnover is vanity, profit is sanity!! If the know-all's at head office had listened to the foot soldiers in the depots for the last five years, this could have been averted. I remember SC at a conference approx 4 years ago saying that he wasn't interested in the small builder up a ladder because they wouldn't be interested in training, fuel or asset management and as they didn't spend over £10k per year, they'd cut their discount right down - how many of these small builders went elsewhere? The days of local reps knocking on cabin doors trying to drum up local business was replaced by Account Managers whose only way of winning business was cutting prices, giving free transport & cutting margins down to zero. Speedy used to excel in having the right mix of specialist staff, quality kit (and lots of it) and both local and national customers who paid good rates for the best equipment and service, and every site in every town was visited by a passionate rep who took pride in 'painting the town red' in Speedy kit. Somewhere along the line they took their eye off the ball and are now paying the price.
PUBLISHED: September 28, 2015 11:10 am LAST UPDATED: September 28, 2015 12:31 pm Speedy Hire to cut around 200 jobs in the UK amid falling sales Tool rental business Speedy Hire is cutting around 200 jobs in the UK, as the firm struggles to turn around falling sales. Tool rental business Speedy Hire has delivered a further profits warning Tool rental business Speedy Hire has delivered a further profits warning The Merseyside-based business, which was founded in 1977, issued its second profits warning in three months today, adding that it expects revenues at its core hire unit would be around 10% below last year. It said it was implementing cutbacks including £6 million cut from staff costs. The company did not spell out details of job cuts that would result, but it is understood that it will mean 200 jobs to go across the group, with around one third coming through redundancies and the rest achieved via natural wastage. The business employs 3,200 people in the UK and Ireland and around 3,800 across the group, which also trades in the Middle East and Kazakhstan. It said in its latest statement that it now anticipates profits will be weighted to the second half of the year and will be "materially below current market expectations". Shares plummeted more than 13%, and have fallen by more than half this year. The firm's chief executive, Mark Rogerson, stepped down when it issued its first profits warning in July. The latest alert comes after rival HSS Hire last week replaced its chief executive, Chris Davies, a month after it reported deepening half-year losses and issued a profit warning that sent its share price plummeting. HSS blamed slower-than-expected housing and home improvement markets. Speedy Hire said the measures it has taken to turn around the business include restructuring its depot network and cutting its overheads. It added that it expects its overheads to be around £13 million below last year, with around £10 million of these savings coming from its UK and Ireland operations, and of this £6 million coming from staff costs. Executive chairman Jan Astrand said: "Following the extremely disappointing start to the year, we have taken action to grow revenue and cut costs. "Whilst these actions will take time to come to fruition, we believe they will deliver material benefits over the medium term." Investec analyst Andrew Gibb added: "Today's trading update conveys further disappointment, with the resolution of the previously identified legacy issues set to take longer than originally anticipated." Speedy Hire appointed Russell Down, group finance director, as chief executive in July to replace Mr Rogerson, although he will also retain the finance role until a replacement is hired.
http://www.expressandstar.com/business/city-news/2015/09/28/fresh-profits-warning-for-speedy-hire/
Sorry spelling mistakes ( my pals wrong)
Hope might pals wrong ! The guy who logs in using Redarmy says he's just got sacked ? Hope it's not you pal we miss your rubbish on here. Your loylity will find you a new job ..
The facts are simple hold on "Redarm fans your money's going down the plug hole and been wasted away. Maybe they will ask share holders for Another 100 million dilution comes to mind. Companies still fighting with management and focus in renting to SME has been forgotten!! The roots need to reseeded. Middle East operation a total wipe out from start to finish. Employees shares are going to be in negative persition come 2016 Although I can see them getting a a belated card from directors. Hold on speedy staff might get some more free shares for keeping them until 2019 if there still about !!Thats coming next ...,
So RedArmy why so quiet for so long, still got sand in your ears.? The Speedy share saving scheme you spoke so highly of, in terms of return doesn't look so good now, does it old chap.! Taking into account that most employees average investment per month with be £50 to £75 at 28p per share over 3 years. I take it, or should I say, I sincerely hope you are a gambling man outside of one of the biggest casinos in the world, that being the stock market, that you are a gambling man. For example, one return for me this weekend was Manchester Utd at 2/9 and Middlesborough at 1/2 with 10K laid neatly down. You my fellow jester are a GONK, Macau takes more money in a day than Vegas takes in a week, that's if know where Macau is.! Are you a trader, investor or a gambler ? Personally I think with a name like RedArmy, you are the Speedy employee, who is sat waiting for the £6 million that the new CEO accountant is going to cut from the bones.! See you in 10 years and stay away from rope.!
well give him a 24 hours to sober up and if he still makes the same comments tomorrow, I'll ring the cops.
I've got first hand experience of this company, they've got most of the fundamental hire company fundamentals completely wrong, the past has shown problems blatantly looming , the senior management have chosen to play politics rather than get the basics right, their arrogance has come home to roost, fired anyone who questions their strategy who had experience. I suspect if they were using their own money rather than the cities and banks things would have been very different. Politics and arrogance most dangerous things inside a business, this has got massive downside to come if they even manage to survive, culture change is difficult to change quickly it's not just about assets. All only my opinion as always DYOR
I'll leave that to you - though you'll need to explain that those flashing blue lights will appear a different colour to the wanted man!
shall I call the police or will you?
Can see this finishing blue? Only if you're colourblind mate... no chance!!
ahay there what planet are you from?
At what rate is HSS taking market share away from the others, anyone know ?
i reckon this will drop to mid 20's yet then i'll be buying back in. Glad i sold out at 41p!
Back to high 30's by the end of the week! Watch this space! Play the shorters at their own game :) GLA
I passed several speed hire vans earlier... this isn't sinking anywhere! No coincidence that the doom and gloom stopped as the share price remained stagnant and as soon as it dips off you are back again. Plenty if little red deals going on too, shorters are at it! The peak on Friday pending the RNS proves there is interest in this!!! Great buy in price, ignore the shorters! Better still, buy buy buy and have them miss their target price ;)