Speedy Hire PLC - Merseyside, England-based tool, equipment and plant hire company - Says positive momentum from the start of the financial year has continued through August, with the company trading in line with its expectations. In August, core hire revenue in the UK and Ireland was up 4% year-on-year and 3% ahead of the financial year to date. Notes that overheads remain tightly controlled. Net debt was GBP43 million at the end of August, the company says, indicating an increase of around 30% from GBP33.2 million on March 31.
In response to strong demand in some sectors, the company says it has invested GBP35 million in its hire fleet. "Whilst there is some evidence of extended supply chain lead times, the group is not experiencing any material impact on hire fleet availability," the company notes.
At the company's annual general meeting, Chief Executive Russell Down says: "We have significant headroom within our bank facilities which enables us to invest in our strategic priorities and take advantage of the encouraging market backdrop."
Speedy Hire plans to release its interim results on November 17.
Current stock price: 69.70 pence
Year-to-date change: down 2.1%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Speedy Hire (SDY)