Speedy Hire Plc
("Speedy" or "the Group")
Interim Management Statement
11th February 2015
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 including the third quarter from 1 October 2014 to 31 December 2014 and up to the current date.
Inclusive of the third quarter, revenues for the first 9 months of the year increased by 9.9% on the same period last year.
The network optimisation programme is on track to be completed ahead of schedule by the end of the financial year with the Group's new National Distribution Centre (NDC) in Tamworth now operational. The NDC and 8 UK Multi-Service Centres will serve as hubs within the Group's national network delivering greater efficiencies in distribution, engineering and repair and asset utilisation.
In the Middle East good progress has been made on the accelerated restructuring of the business and withdrawal from general hire. This has been done to stem losses and build value in the remaining Oil and Gas services business where the mobilisation of major contracts is now all but complete.
Despite a challenging year in the Middle East, ongoing strong performance of the Group in the UK gives the Board confidence that results for the full year ending 31 March 2015 will be in line with its expectations.
Speedy will issue results for the year ended 31 March 2015 on 12 May 2015.
Enquiries:
Instinctif Partners Tel: 020 7457 2020
Mark Garraway
Helen Tarbet