Speedy Hire Plc
("Speedy" or "the Group")
30 September 2016
Speedy, the tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, today issues a trading update for the six months ending 30 September 2016 (H1 FY2017). The Group's half year results are scheduled to be announced on 16 November 2016.
As previously indicated, the recovery plan has stabilised the business and continues to drive improved performance. During H1 FY2017 the operational restructuring and focus on management of rental assets has continued, resulting in further improvements in operating performance. Employee numbers have been reduced by over 100 from the start of the financial year.
Revenue for H1 FY2017 is ahead of the prior year and slightly ahead of the Board's expectations. With lower overhead costs, profit before tax will be ahead of H1 FY2016. We anticipate further progress and the Board expects that the full year profit before tax will be ahead of its previous expectations.
The costs associated with the operational restructuring and September's general meeting will be recognised as exceptional items.
Following disposal of the large mechanical plant fleet, net debt will be significantly lower than in the comparable period and at the year end.
As previously announced, Jan Åstrand, Chairman, reverts to non-executive status with effect from 30 September 2016.
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, 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