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RNS Number:8613N Speedy Hire PLC 23 July 2003 23 July 2003 Speedy Hire plc At the Annual General Meeting held in Haydock today, Chairman David Wallis said: "I am pleased to report that we have seen a 14% increase in total turnover during the first 13 weeks of the financial year, with like-for-like tool hire turnover growth of 12%. This like for like increase is benefiting from a high proportion of maturing depots. Profitability to date is in line with expectations. Our customers remain busy with solid forward order books. As at 30 March 2003, net debt and gearing had fallen to #53 million and 67% respectively. Since the publication of the annual report, Speedy Hire has agreed improved banking arrangements. The three year agreement increases the Group's borrowing facilities to #100 million. The favourable terms and greater financial flexibility will help us maintain our growth through a combination of greenfield development and acquisitions. On 3 July 2003 we announced the acquisition of Kingfisher Hire and Sales, the leading independent tool hire business in South Wales with six depots. The integration process with our existing South Wales depots has commenced and this has given us a significant position in the region. Provided that there is no significant change in the UK economy, Speedy Hire can look forward to making further progress in the year ahead". Speedy Hire Plc Hudson Sandler John Brown, Chief Executive Nick Lyon/Wendy Baker Neil O'Brien, Finance Director Tel: 020 7796 4133 Tel: 01942 720 000 Website: www.speedyhire.plc.uk Notes to editors: Speedy Hire is a leading provider of equipment hire services to UK contractors and builders, industry, utilities and the public sector, operating from over 250 depots throughout the country. The Group is focused primarily on tool hire, with complementary businesses specialising in portable accommodation, surveying, lifting and power generation equipment. This information is provided by RNS The company news service from the London Stock Exchange END AGMPUUMWMUPWGUW
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