Speedy Hire PLC Trading Update (2155K)
April 15 2015 - 2:01AM
UK Regulatory
TIDMSDY
RNS Number : 2155K
Speedy Hire PLC
15 April 2015
Speedy Hire Plc
("Speedy" or "the Group")
Full-Year Trading Update
London: 15 April 2015
Speedy, the UK's leading tools, equipment and plant hire
services company, operating across the construction, infrastructure
and industrial markets, will announce results for the year ended 31
March 2015 on 12 May 2015.
The Board expects to announce revenue in line with market
expectations, and adjusted profit before tax slightly ahead of
market expectations, reaffirming the strength of Speedy's strategic
and major customer relationships.
In the UK, a new National Distribution Centre in Tamworth is
open and the programme to create a backbone to the national network
comprising 8 Multi-Service Centres and 38 superstores has been
completed ahead of the original schedule. A programme to re-profile
asset holdings and redistribute assets across the network is now
underway; this will enable the Business to improve asset
utilisation and operational efficiency during the coming year.
In the Middle East, where the Group has incurred substantial
losses, Speedy has completed its withdrawal from the general hire
business; its offices in Egypt and Qatar have been closed and the
Oman business sold. The newly restructured Oil and Gas Services
Business broke even in the final month of the fiscal year and the
Group is in discussions with a potential purchaser to sell this
business. Regardless of the outcome of any negotiations, the Middle
East business has been significantly de-risked.
Speedy will host an analyst presentation at 09:30 on results
day, 12 May 2015, at the offices of Instinctif Partners at 65
Gresham Street, London EC2V 7NQ. To register your attendance please
contact James Gray at Instinctif Partners
(james.gray@instinctif.com). The presentation will also be webcast
live: to register, please go to www.speedyhire.plc.uk.
Enquiries:
Speedy Hire Tel: 01942 720 000
Mark Rogerson, Chief Executive Officer
Russell Down, Group Finance Director
John Fahey, Director of Communications
Instinctif Partners Tel: 020 7457 2020
Mark Garraway
Helen Tarbet
James Gray
This information is provided by RNS
The company news service from the London Stock Exchange
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