sdy31 Mar 2017 09:34
31 March 2017
Trading update
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.