Speedy Hire Plc
("Speedy" or "the Group")
Trading Update
13 July 2016
Speedy, the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, provides an update on current trading ahead of its Annual General Meeting to be held later today.
The Group has enjoyed a positive start to the year with revenues in the first quarter ended 30 June 2016 slightly ahead of the comparable period. The Group is following a disciplined approach to bidding and has retained a number of major framework contracts since the start of the financial year. Utilisation rates increased to 50% by the end of the period. As previously reported, overhead costs are significantly lower than in the prior year.
Net Debt at 30 June was lower than the corresponding period last year. The Group continues to have substantial headroom against its banking facilities, which expire in September 2019.
It is too early to assess with any degree of certainty what impact the EU referendum result will have on the Group's end markets but, to date, there has been no deterioration in trading.
The Board believes that the Group's strategy and recovery plan provide the platform for full year results to be slightly ahead of the Board's previous expectations.
Enquiries:
Speedy Hire PLC Tel: 01942 720 000
Russell Down, Chief Executive
Chris Morgan, Group Finance Director
Instinctif Partners Tel: 020 7457 2020
Mark Garraway
Helen Tarbet
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 206 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.