Speedy Hire PLC Trading Update (0943R)
September 19 2017 - 1:01AM
UK Regulatory
TIDMSDY
RNS Number : 0943R
Speedy Hire PLC
19 September 2017
Speedy Hire Plc
("Speedy" or "the Group")
Trading update
19 September 2017
Speedy, the UK's leading tools, equipment and plant hire
services company, operating across the construction, infrastructure
and industrial markets, today issues a trading update ahead of
publishing half year results for the period to 30 September 2017,
scheduled for 14 November 2017.
Group revenues for the period to 31 August, excluding disposals,
are approximately 7.5% ahead of the prior year primarily due to
growth in services revenues. Utilisation rates for the year to date
have averaged 54.5%, an increase of c.6% over the corresponding
period in the prior year. Net debt at the half year end is expected
to be below GBP70m (30 September 2016: GBP85.4m).
Overheads in the period are expected to be broadly consistent
with the prior period. As part of the Group's ongoing efficiency
programme, further action has been taken this month to manage the
Group's cost base and, consequently, the number of operating
divisions and distribution centres has been reduced. These actions
will result in overhead savings of at least GBP3m per annum. Net
exceptional costs of c.GBP4.5m are expected to be recognised in the
first half year.
Adjusted profit before tax for the full year is expected to be
well ahead of the prior year and slightly ahead of the Board's
previous expectations.
Speedy Hire Plc Tel: 01942 720 000
Russell Down, Chief Executive
Chris Morgan, Group Finance
Director
Instinctif Partners Tel: 020 7457 2020
Mark Garraway
James Gray
Notes:
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
accredited nationally to ISO50001, ISO9001, ISO14001 and
OHSAS18001. The Group operates from 210 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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