Speedy Hire PLC Half Year Trading Update (5695B)
October 09 2020 - 1:00AM
UK Regulatory
TIDMSDY
RNS Number : 5695B
Speedy Hire PLC
09 October 2020
9 October 2020
Speedy Hire Plc
("Speedy" or "the Group")
Half year 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 2020 ahead of publishing half year results,
scheduled to be announced on 18 November 2020.
Trading update
Trading for the period was in line with the Board's
expectations. The business adapted quickly to the changes brought
about by the COVID-19 pandemic and has serviced customers
effectively and safely during the period.
Group revenue, pre disposals, for the six months to September
2020 is anticipated to be c.20% lower than the pri or year .
Revenue has continued to improve through the period as activity
levels have increased. For September 2020, core hire revenue in the
UK and Ireland was c.7% lower than the prior year and utilisation
rates for the week ended 2 October 2020 were 55.5% (2019:
55.9%).
The Middle East business is performing in line with
expectations, albeit slightly below the prior year. The principal
contracts have been extended until 28 February 2021 and we remain
in discussions with our client in relation to longer term
opportunities.
Overhead costs across the Group have been tightly controlled
through the period, including decisive actions taken in response to
the COVID-19 pandemic. We now have no staff on furlough.
Net debt at 30 September 2020 was c.GBP60m (31 March 2020:
GBP79.3m), reflecting lower capex spend and continued strong cash
collections in the first half. All tax payments deferred as part of
COVID-19 support measures were repaid during September 2020.
Guidance
The situation surrounding COVID-19 is likely to remain uncertain
for some time. Further to our previous announcement on 10 September
2020, guidance consequently remains suspended.
Enquiries:
Speedy Hire Plc Tel: 01942 720 000
Russell Down, Chief Executive
James Bunn, Chief Financial Officer
MHP Communications Tel: 0203 128 8778
Oliver Hughes
Andrew Jaques
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 ISO27001, 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.
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END
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