Speedy Hire PLC - St Helens, England-based tools and equipment hire company - Says trading overall is in line with the board's expectations for the current financial year. Says hire revenue is up 6% year-on-year in the five months to August. Secures new contract wins from major customers effective from October, which are expected to offset some recent weakening in market conditions.
Chief Executive Russell Down says: "Revenue for the first five months of the financial year has remained strong, with new contract wins effective from the second half also secured. Whilst the continuing macroeconomic uncertainty and inflationary pressures may impact trading performance, our diverse end market exposure, broad customer base and strong balance sheet provide resilience against changes in market conditions."
Speedy Hire will announce its interim results on November 15. For the financial year ended on March 31, the firm reported revenue up 16% to GBP386.8 million, compared with GBP332.3 million a year ago, with pretax profit more than doubling to GBP29.1 million from GBP8.3 million.
Current stock price: 38.60 pence, down 2.3% on Thursday
12-month change: down 44%
By Xindi Wei; xindiwei@alliancenews.com
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Speedy Hire (SDY)