Speedy Hire Plc
("Speedy" or "the Group")
Annual General Meeting
Trading update
12 July 2017
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.
Revenue for the first quarter of the year ending 31 March 2018, pre disposals, was ahead of the prior year, primarily as a result of growth in non-hire revenues in the UK and Ireland. Overhead costs remain tightly controlled and, after the acquisition of Lloyds British, are in line with the prior year. EBITA is consequently ahead of the prior year and, whilst the revenue mix has changed, margins have increased.
The Group invested c.£15m in the first quarter in new equipment for hire, up 13% on the prior year. Expenditure has been carefully targeted with average asset utilisation rates increasing to 53.7%, up 6.9% compared to the previous year. Net debt at 30 June 2017 was at a similar level to 31 March 2017, significantly lower than at this time in the prior year.
The Group remains on track to deliver a result for the full year in line with the Board's expectations, well ahead of the prior year's result.
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
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.