Speedy Hire PLC Trading Update (1621W)
February 07 2017 - 2:00AM
UK Regulatory
TIDMSDY
RNS Number : 1621W
Speedy Hire PLC
07 February 2017
Speedy Hire Plc
("Speedy" or "the Group")
Trading Update
7 February 2017
Speedy, the UK's leading tools, equipment and plant hire
services company, operating across the construction, infrastructure
and industrial markets, today issues an update on its trading
performance for the year ending 31 March 2017.
Group revenues for the third quarter, on a like for like basis
(pre-disposal), were 10.6% ahead of the prior year, in part
benefitting from the timing of the Christmas holiday period. The
Group's recovery plan to improve the efficiency of operations
remains on track with reduced overheads, and rental assets and net
debt both lower than at the half year end.
The Group announced the acquisition of the brand, business and
assets of Lloyds British Testing Ltd on 19 December 2016. The
integration is progressing well with a number of revenue and cost
synergies expected to be realised. The results of Lloyds British
will not materially affect the FY17 underlying profit before
tax.
Speedy has implemented a number of customer service initiatives
which have led to improving revenue and the retention of major
framework contracts. These include a contract renewal, and scope
extension, with Carillion Plc, which in total could be worth up to
GBP45m over three years.
As a consequence of the improving revenue trend and better
operational efficiency, the Board anticipates that adjusted profit
before tax for the full year will be ahead of its previous
expectations.
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
Helen Tarbet
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 206 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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February 07, 2017 02:00 ET (07:00 GMT)