Last checked at 9 Sep 2021 07:00
Speedy Hire Plc
("Speedy", "the Company" or "the Group")
9 September 2021
Trading update and AGM statement
Speedy, the UK's leading provider of tools and equipment hire, and services to the construction, infrastructure and industrial markets, provides an update on trading to August in advance of its Annual General Meeting later today.
The Group has continued to benefit from the positive momentum experienced at the start of the current financial year and is trading in line with the Board's expectations.
Trading remains strong with encouraging activity levels being seen in the market. UK and Ireland core hire revenue for August was c.4% ahead of the corresponding period in FY2020 (which is a more meaningful comparison than FY2021) and c.3% ahead for the year to date. Overheads remain tightly controlled.
Asset utilisation rates have improved and for the year to date are c.2% ahead of the comparable period in FY2020. Whilst there is some evidence of extended supply chain lead times, the Group is not experiencing any material impact on hire fleet availability.
The Group's balance sheet remains strong with net debt as at 31 August 2021 at c.£43 million.
The Group has invested c.£35 million in the hire fleet for the year to date in response to strong demand in certain markets. In line with the Group's strategic goals, the investment has been focused on sustainable products.
The Board will provide further details on Group performance at the interim results announcement to be held on 17 November 2021.
Russell Down, Chief Executive, commented:
"I am pleased to report that our positive momentum has continued with trading remaining strong. 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."
Enquiries:
Speedy Hire Plc Russell Down, Chief Executive James Bunn, Chief Financial Officer
| Tel: 01942 720 000 |
MHP Communications Oliver Hughes Andrew Jaques | Tel: 0203 128 8147 |
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, ISO17020, ISO27001 and OHSAS18001. The Group operates from c.200 sites across the UK and Ireland together with a number of on-site facilities at client locations and through a joint venture in Kazakhstan.