Speedy Hire PLC Trading Update (0797B)

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RNS Number : 0797B

Speedy Hire PLC

31 March 2017

Speedy Hire Plc

("Speedy" or "the Group")

31 March 2017

Trading update

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. The Group's full year results are scheduled to be announced on 16 May 2017.

Group revenues, excluding disposals, for the full year are expected to be approximately 7% ahead of the prior year. Adjusted profit before tax is expected to be in line with the Board's expectations at the time of the last trading update on 7 February 2017, well ahead of the prior year. As previously reported, the Group's hire fleet has been substantially reduced, resulting in an improvement in Return on Capital Employed. Net debt at 31 March 2017 is expected to be less than GBP80m. This is significantly lower than the prior year and after funding the Lloyds British acquisition.

Board committee changes

With immediate effect, David Shearer has been appointed as a member of the Remuneration Committee and, in accordance with best practice, Jan Astrand has stepped down from both the Audit and Remuneration Committees.

Enquiries:

Speedy Hire Plc Tel: [phone]

Russell Down, Chief Executive

Chris Morgan, Group Finance Director

Instinctif Partners Tel: [phone]

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

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March 31, 2017 02:00 ET (06:00 GMT)