Speedy Hire Plc
("Speedy", "the Company" or "the Group")
23 March 2020
COVID-19 and trading update
Speedy ("The Group"), the
Group revenue, pre disposals, is expected to increase by c.3.5% from the prior year. Hire and services revenues are expected to grow by c.1.5% and c.6.0% respectively, with hire revenue from SME customers growing by more than 25% following our strategic focus on diversifying our customer base.
Whilst underlying business momentum has been positive, COVID-19 is now having an impact on our revenues with activity levels reducing. Consequently, adjusted profit before tax for the full year is expected to be slightly below market consensus of
We anticipate that the exceptional profit relating to the sale of surplus land of
The Group has a committed asset-backed facility of
The Board has been assessing the potential for disruption caused by COVID-19 and has put in place pre-emptive plans and measures to respond. However, the Board recognises that additional measures are likely to become necessary as this unpredictable situation evolves and is making further plans to both protect the Company's cash position and maintain a robust balance sheet, while seeking to safeguard our workforce.
Russell Down, Chief Executive, said:
"Whilst COVID-19 is starting to have some financial impact on the business, I'm pleased to report continued positive momentum across the Group over the last 12 months. We have a well invested fleet, diversified customer base and robust balance sheet.
We are operating in an uncertain macro environment, and our number one priority is the welfare of our colleagues, customers and communities. Management has robust contingency plans in place, which are being continually updated as the situation evolves."
Speedy Hire Plc
Russell Down, Chief Executive
Chris Morgan, Group Finance Director
Tel: 01942 720 000
Tel: 0203 128 8778
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