Speedy Hire Plc
("Speedy" or "the Group")
25 September 2018
Speedy, the UK's leading tools and equipment hire company, operating across the construction, infrastructure and industrial markets, today issues an update on its trading performance ahead of publishing half year results for the period to 30 September 2018, scheduled to be announced on 14 November 2018.
Group revenues for the period to 30 September 2018, excluding disposals, are anticipated to be c.6.5% ahead of the prior year, with services revenue growth of c.8.0%. UK and Ireland core hire like for like revenues are broadly flat, with strong growth in the higher margin SME market which has offset lost revenue following the liquidation of Carillion. Utilisation rates for UK and Ireland are c.56% for the period to 30 September 2018 (30 September 2017: 54.7%). The International business is performing strongly.
There will be no exceptional costs in this half year (30 September 2017: £4.7m). Net debt is expected to be c.£65m (31 March 2018: £69.4m). Return on capital employed will be in excess of 12.0% (30 September 2017: 9.4%).
Adjusted profit before tax for the full year is expected to be ahead of the prior year and in line with the Board's previous expectations.
Speedy Hire Plc Tel: 01942 720 000
Russell Down, Chief Executive
Chris Morgan, Group Finance Director
Instinctif Partners Tel: 020 7457 2020
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 and equipment hire, and services to the construction, infrastructure and industrial markets. Speedy provides large national customers, including 85 of the UK's top 100 contractors, as well as local trades and industry with a range of general and specialist hire equipment, consumables, training and testing, inspection and certification (TIC) services. The Group operates from over 200 sites across the UK and Ireland, and internationally in the Middle East and Kazakhstan, as well as online. Speedy is the safest hire provider in the industry based on recorded RIDDOR accident frequency rates, and operates quality assured processes which are accredited to ISO 9001, ISO 14001, ISO 17025, OSHAS 18001, and ISO 50001.