Last checked at 11 Jul 2019 07:00
Speedy Hire Plc
("Speedy" or "the Group")
Annual General Meeting
Trading update
11 July 2019
Speedy, the UK's leading provider of tools and equipment hire, and services to the construction, infrastructure and industrial markets provides an update on current trading ahead of its Annual General Meeting to be held later today.
Revenue for the first quarter of the year ending 31 March 2020, pre disposals, increased by 5.9% on the prior year. Hire and services revenues grew by 1.2% and 13.4% respectively. Revenue from SME customers grew strongly, up 27.5% in the first quarter compared to a year ago.
Asset utilisation rates increased to 56.8% on a rolling 12 month basis (30 June 2018: 55.7%). Net debt at 30 June 2019 was £91.6m, broadly unchanged from year end. ROCE for the 12 months to 30 June 2019 was 12.1% (30 June 2018: 11.8%).
The Group anticipates delivering a result for the full year in line with the Board's expectations.
Enquiries:
Speedy Hire Plc | Tel: 01942 720 000 |
Russell Down, Chief Executive |
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Chris Morgan, Group Finance Director |
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MHP Communications |
Tel: 0203 128 8778 |
Oliver Hughes |
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Andrew Jaques |
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Inside Information: This announcement contains inside information.
Forward looking statements: The information in this release is based on management information. This report includes statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Company undertakes no obligation to update, revise or change any forward looking statements to reflect events or developments occurring after the date of this report.
Notes to Editors: Founded in 1977, Speedy is the UK's leading provider of tools, equipment and plant hire services to a wide range of customers in the construction, infrastructure and industrial markets, as well as to local trade and industry. The Group provides complementary support services through the provision of training, asset management and compliance services. Speedy is certified nationally to ISO50001, ISO9001, ISO14001 and OHSAS18001. The Group operates from over 200 fixed sites across the UK and Ireland together with a number of on-site facilities at client locations throughout the UK, Ireland and from an international office based in Abu Dhabi.