Member Info for whaddaukno

Are you on crack man?

The highlights: £11m loss (ignore the finance guff of "exceptionals"as we've had them for the last 3 years now" £13.9m in bad debt and credit notes. (Up from £2.9m last year, computer fixed they say??) £7.5m of unrecoverable cash for failed Mid East sale,already booked in but not paid? (It's not great business till the money's in your bank") Someone take this old horse to the glue factory!!!!!

educing the number of regional directors (or whatever they are called this week), and leaving large areas under the control of "general managers", who don't have the same level of skills or respect from the teams.Cynical cost cutting exercise that will stretch the remaining RDs left even further. They become firefighters with no scope to have any lasting positive impact on their areas. Have today heard what the Novemeber groundshake will be, Macaroo it will not be a good morning that day,believe me!

Wrong board,sincere apologies :-/

Reducing the number of regional directors (or whatever they are called this week), and leaving large areas under the control of "general managers", who don't have the same level of skills or respect from the teams.Cynical cost cutting exercise that will stretch the remaining RDs left even further. They become firefighters with no scope to have any lasting positive impact on their areas. Have today heard what the Novemeber groundshake will be, Macaroo it will not be a good morning that day,believe me!

2 of the calls I had were from sales people.I can say no more than that

Been getting calls today from HSS employees looking for work as they've been told they are surplus to requirements. One guy suggested some 200+ to be cut from sales and middle management!

A senior A-Plant executive famously said " we don't buy doer uppers. No chance of a green buy out! If the plant depots move back in why do Speedy need 2 identical management structures (And their cash sucking costs) MO's plant management team RUN GUYS!!! Trying to unpick previous management cock ups,with the same teams that made them in the first place smacks of a " rearranging deck chairs on the Titanic" mentality. As much as the forced changes happen,the geniuses that made them will still be there so what is the likelihood of game changing success??

Good/bad contract news due out........?

Connish,all plant hire companies have been over aggressive in the market for the last 8 years. This is due to chasing a decreasing market, post recession, and having large amounts of kit sat not earning. £4 cut off saw anyone? £20 6kva generator anyone? Speedys woes are primarily driven by it trying to be all things to all people (sorry a service provider). As someone said on here earlier, hire is very simple, if you do it right and have people who know the industry (and by that I mean they haven't read it all in a book.) Speedy need to get back to what they did very well - hiring good kit,providing strong service,and looking after the teams at the sharp end.

Agree his knowledge gap counts against him. Finance based thinking seems to be " cut back to where we are" as opposed to "cut only to where we could and should be" That said Speedy are heavily geared with numbers rapidly heading south so the cloth cutting could well be fairly brutal in the coming months. What scares me are the rumblings (getting louder) of some high revenue contract losses.

Do you feel that the current team have that track record. I don't see it personally (just my humble opinion) Do you feel anyone of any real quality and standing within the industry would join Speedy,once the long overdue clear out commences. Agree Speedy has become a generalist and this gives end user very little confidence in knowledge levels,especially in the specialist offerings The cost of unpicking the MSC network would loom large over a few years accounts,would they not. No question over your track record,don't know you.....

You aren't a million miles away with your list of fixes. The cost to release MSCs would be extremely onerous (far too much to carry I feel) given upcoming £value half year position. 2 years plus recovery more realistic I feel. Just one other thing,hearing a lot of chatter that the Valero onsite contract has been lost to VP. If true this will hit hard as its multi £m,especially during a regen year. Anyone else heard this??

Nowt just a big Steve Winwood fan ;-)

Valeriieeeee. Oops ;-)

Heard this week that this years accounts won't be as "oily" as last years!!!

In fairness to CN he was extremely able to sort any part of the business in bother and pretty PDQ! A lack of ability to form relationships other the parent- child type was his Achilles heel. Ruled purely by fear/threat which soon switched people off to him, and overshadowed his decision /action taking ability. Bet there are squeaky bums now he's not there to hide behind.......

What's going on here?

Having spent a while to digest your standard response of " embittered ex employee/dead wood recently cut out,which Imay or may not be ;-) I would offer this retort. Be I an employee or otherwise. ;-) there is NO disputing this company is crumbling before our very eyes. Middle East- A shambles IT System - A shambles Asset management - A shambles having to retrieve auction bound kit to stock the branches And a rumour that there have been several very high level casualties announced! Going well ain't it?? You can of course rely on the fact that my dead wood lonely ex/current employee drivel won't have any impact on the savvy people who hold this share

Half year numbers will drive this to low 40's. Sell now,you have been warned!!