Last checked at 3 Oct 2019 07:00
3 October 2019
Speedy Hire Plc
("Speedy" or "the Group")
Trading update
Speedy, the UK's leading provider of tools and equipment hire, and services to the construction, infrastructure and industrial markets provides an update on its trading performance for the period to 30 September 2019 ahead of publishing half year results, scheduled to be announced on 13 November 2019.
Group revenue, pre disposals, increased by c.6% on the prior year. Hire and services revenue grew by c.1% and c.13% respectively. Revenue from SME customers continued to grow strongly, up by more than 25% in the first half compared to prior year.
Net debt is expected to be c.£86m (31 March 2019: £89.4m), and reflects continued investment in hire fleet, which is predicted to reduce in the second half of the year.
A number of contract wins and extensions including CALA Homes and Peel Ports have been secured in the period. As a consequence, the second half of the year is anticipated to be stronger than the first half. The Group expects adjusted profit before tax for the full year to be 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 8771 |
Oliver Hughes |
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Andrew Jaques |
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Ollie Hoare |
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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, from an international office based in Abu Dhabi and through a joint venture in Kazakhstan.