Speedy Hire Plc
("Speedy", "the Company" or "the Group")
8 September 2022
Trading update and AGM statement
Trading overall is in line with the Board's expectations for the full year.
In the five months to August 2022 hire revenue is c.6% ahead of 2021. We have secured new contract wins from major customers effective from October 2022 which are expected to offset some recent weakening in market conditions. Price increases implemented in April 2022 have not had a material impact on volumes.
We are controlling costs through initiatives to improve operational efficiency and the effective management of our supply chain, mitigating the effect of inflationary pressures.
We have continued to invest in our Retail and Trade offering through development of the customer proposition in both B&Q stores and on diy.com. A significant national marketing campaign is underway to promote the hire proposition to consumers.
The Kazakhstan JV is continuing to perform well and ahead of expectations following new work secured in FY2022.
Balance sheet and investment in hire fleet
The Group has a strong balance sheet with net debt as at 31 August 2022 of c.
The Group has invested c.
In January 2022 the Board commenced a share buyback programme of up to
As previously announced, Russell Down will step down from the Board and the role of Chief Executive on 30 September 2022. Dan Evans, currently Chief Operating Officer, will join the Board as Chief Executive with effect from 1 October 2022.
Trading overall is in line with the Board's expectations for the full year. Whilst the macroeconomic outlook is uncertain and inflationary pressures remain high, our business is resilient and well positioned to manage any resulting changes in market conditions due to our diverse end market exposure, broad customer base and strong balance sheet.
The Board will provide further details on Group performance at the interim results announcement on 15 November 2022.
Russell Down, Chief Executive, commented:
"Revenue for the first five months of the financial year has remained strong, with new contract wins effective from the second half also secured. Whilst the continuing macroeconomic uncertainty and inflationary pressures may impact trading performance, our diverse end market exposure, broad customer base and strong balance sheet provide resilience against changes in market conditions."
Speedy Hire Plc
Russell Down, Chief Executive
James Bunn, Chief Financial Officer
Tel: 01942 720 000
Tel: 0203 128 8147
Notes to Editors: Founded in 1977, Speedy is the