Speedy Hire Plc
("Speedy Hire", "the Company" or
"the Group")
5
September 2024
AGM
statement
Speedy Hire, the UK's leading tools
and equipment hire services company, operating across the
construction, infrastructure and industrial markets, provides an
update on the Group's business and trading performance ahead of its
Annual General Meeting, which will be held later today.
Business and trading
update
The business has performed well in
the year to date, despite continuing challenging conditions in some
of our end markets. We are encouraged by the new government's
plans, although at an early stage, to support residential housing
market growth, and we look forward to long term infrastructure
projects continuing to be supported.
The Group's year to date hire
revenue is in line with this time last year. As we have
communicated previously, there will be a second half weighting to
revenues and profits as we continue to mobilise our significant
contract wins. Steps to mobilise the Group's new contract with Amey
are in hand and it is anticipated that this will generate revenue
in the final quarter of our financial year.
The Group remains well positioned to
respond quickly to changes in market conditions and to capitalise
on future opportunities, benefitting from our diverse end market
exposure, broad customer base and the progression of our Velocity
strategy including operational efficiencies.
Overall, trading is in line with the
Board's expectations for the full year.
Enquiries:
Speedy Hire
Plc
Tel: 01942 720 000
Dan Evans, Chief
Executive
Paul Rayner, Chief Financial
Officer
MHP
Communications
Tel: 0203 128 8100
Oliver Hughes
Katie Hunt
Speedy@mhpgroup.com
Notes:
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 Hire is the UK's leading provider of tools and
equipment hire services to a wide range of customers in the
construction, infrastructure, industrial, and support services
markets, as well as to local trade, and retail. 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
ISO45001. The Group operates from 147 Service Centres and on-site
locations across the UK and Ireland and through a joint venture in
Kazakhstan. *Lloyds British National Contracts only.