Share Name Share Symbol Market Type Share ISIN Share Description
Speedy Hire LSE:SDY London Ordinary Share GB0000163088 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.60p -1.03% 57.40p 57.60p 58.00p 58.40p 57.80p 58.00p 1,386,014 16:35:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Support Services 369.4 14.4 2.2 25.9 300.59

Speedy Hire Share Discussion Threads

Showing 5351 to 5373 of 5375 messages
Chat Pages: 215  214  213  212  211  210  209  208  207  206  205  204  Older
DateSubjectAuthorDiscuss
17/1/2018
22:57
Kingston if you are upset at that you should see HSS accounts. They are insolvent but have managed to pretend they are a going concern.That said I agree with you and its a crooked world we live in.
my retirement fund
17/1/2018
22:16
Whilst I understand that the size of the non-performing debt is exceptional it should be reported as an underlying charge rather than non-underlying. Speedy Hire just wants to boost the KPI even though the bottom line is the same however it is reported.
kingston78
16/1/2018
14:47
Kingston in this event it would be classed as an exceptional debt. It’s not your everyday standard debt.
immokalee
16/1/2018
12:53
I am very surprised that the board of Speedy Hire announced yesterday that " It is intended that any profit impact of Carillion's compulsory liquidation will be recorded as an exceptional non-underlying charge in the income statement for the year ending 31 March 2018." Bad debts are foreseeable for every trading company, and bad debts are incurred in the ordinary course of business. It is "exceptional" because it is large but it should be classified as "within the underlying charge" not outside it. How can Speedy Hire massage its figures to misrepresent them to investors? The board is deceiving themselves as well as outsiders. I bet it will treat the exceptional item differently if it were a credit instead of a debit. If all companies, including banks and financial services companies, charge bad debts as exceptional and non-underlying they are making a mockery of accounting standards. Speedy Hire is going back to the bad old days of bending accounting rules and reporting.
kingston78
15/1/2018
21:41
Derwent, without doubt, sadly it had to go to the wall. Don’t have any outside exposure to CLLN but know those that have. While PWC say all payments will be made to suppliers and contractors from the date of liquidation, no word yet on what’s happening to previous outstanding owed. Given CLLN is a main customer may I ask how you have arrived at 3%?
immokalee
15/1/2018
20:05
hi Immokalee organically and by acquisition.if we do the maths carrillion was about 4% of our business and maybe about 3% of the profits which is probably around 600 grand at most so not that much of a hit although we could have done without it so if we take our recent acquisitions and the fact that Lloyds british which they bought last year is doing extremely well especially in india I am told and Russell saying we will meet their expectations thing aren't as bad as people think.one thing is for sure we have now got rid of all the deadwood here
derwent4
15/1/2018
19:06
SDY as well as other Hire companies can have their stuff nicked at any time and often do, larger equipment will be insured. We lease from Hilti, all handheld equipment, if it goes walkabout we are liable for a third of the cost. It’s built into contract as its probable... all depending on whose site you are on. As for JV contracts the load will be taken up by partners, ideas you check out BBY etc they will take a knock on these projects. Interesting BILN only Co to say no effect from CLLN, Yet KIE has some exposure although unknown £ and finish the day up. My question would be, looking forward how will lost revenue be replaced?
immokalee
15/1/2018
16:49
there you go mrf.any bad news is now out we carry on and its onwards and upwards expect s p in northern territory tomorrow
derwent4
15/1/2018
14:25
In terms of materiality, MRF is probably correct. That said, I would guess Speedy have bought some form of credit insurance against their £45 million three-year contract. Worth £15 million per year, or broadly equivalent to £5 million for four months outstanding invoices.
brummy_git
15/1/2018
13:26
Deafening silence from the board. 120 days of invoices will now never be paid and a shed load of plant never be returned.Then theres the delay to all the present projects as they get divided up .Judging by Connought this has got to end up costing Speedy at least 4 million at best and 8 million at worst.
my retirement fund
15/1/2018
13:03
we all knew we had problems re carrillio I believe all the bad news is out of the way share price not down much so will be back to its highs and more soon
derwent4
15/1/2018
12:30
Hi Rounder, I need to do some proper research but I can perhaps hazard a guess at how things have evolved. When you supply a company like Carillion and things start to go wrong you have two choices 1. simply stop supplying and accept it will take forever to get your money and you probably won't get what you are genuinely due 2. attempt to slowly wind down the exposure by getting aggressive on payment terms and putting prices up. If you can do enough of 2, then you can run with 1 later. My complete guess based on CLLN only being 3% of their business is that the management have been managing down the exposure through option 2 for some considerable time.
cc2014
15/1/2018
11:04
MRF Nice post ROK bankrupt 2010 Connaught bankrupt 2011 Live and learn maybe ??
rounder2
15/1/2018
10:50
Hmm interesting because if you look at the impact of previous insolvencies which have impacted Speedy such as ROK or larger ones such as Connaught, the impact was most certainly significant. Hers what Speedy reported about Connaught and for those who dont know Connaught were less than half the size of Carrilion ! Connaught plc Following the recent appointment of joint administrators to Connaught plc, to which Speedy was an exclusive provider of tool and equipment hire, it is anticipated that Speedy will take a charge of GBP1.7m in the first half of the current financial year. This includes a sum for debtors which are likely to remain unpaid, together with an assessment of the value of equipment on hire which may not be returned and a write-off of the unamortised portion of a premium to net asset value paid to Connaught earlier in the current financial year following an acquisition of assets from Connaught's ground care business. The charge referred to above does not include the potential impact of lost future revenues. Speedy's forecasts had included an assumption of approximately GBP1.7m in revenue from the Connaught group over the remainder of the current financial year (net of rebates). Whilst Speedy has close relationships with the two companies that have taken on the bulk of Connaught's contracts from the joint administrators, it is currently too early to indicate how much of this revenue will be retained.
my retirement fund
15/1/2018
10:40
Liberum have just said although this news is "unhelpful it is not as bad as first feared. Despite the potential write-down of receivables that will result we believe the long-term impact on financials will be limited. This reflects the likelihood of JV Partners and other third parties taking on much of Carillion's workload, as well as the flexibility within Speedy's own operations" the broker adds. The broker added it sees Speedy's immediate share price reaction as overdone.
rumbers2
15/1/2018
10:33
How much does carillion owe them
albanyvillas
15/1/2018
10:27
Rounder, In the construction industry things go missing all the time. It's a cost of doing business. For SDY thousands of items will not be returned to them every day. The sheer cost of the administration would not be worth it. It would be fraudulent to claim for insurance on an item where you haven't actually incurred a loss because they customer has covered the loss. I would concur the very high value items may be insured but I don't know that for sure.
cc2014
15/1/2018
10:23
For anybody that's interested here's my take on what's happened today , in a nutshell : Ultimately the doom merchants are not giving the management at Speedy due credit 1. Any higher value kit is fully insured , one way or the other 2. The debt is much less than it used to be circa 3-4million as we stand today 3. The contract didn't return much profit 4. The debt WASN'T insured ( cost prohibitive ) but it has been tightly managed 5. Carillion will have to continue to trade and SDY will up its prices accordingly and get some / most of the money back 6. Carillion was circa 3-4 % of SDY's overall annual turnover which isn't the end of the world and will no doubt be replaced with other , better paying work , over time . 7. The share price move down today is NOT institutional investors bailing , it's PI's who are more susceptible to shocks of this kind and triggered stop losses on derivative CFD's being hit 8. SDY will fairly quickly release a relatively reassuring statement to put market jitters at ease , institutional buyers will return " in force " 9. A couple weeks from now , concurrent to the early Feb trading update , this will all pretty much be forgotten and the share price will revert to " pre shock " levels For what it's worth
rounder2
15/1/2018
10:09
Whilst I know they will have varying degrees of insurance, in the main these giant companies often end up self insuring against run of the mill theft damage etc.The poster who suggested Carillion were blood sucking needs to ask himself if this were the case why an earth did they go bust.
my retirement fund
15/1/2018
09:55
CC2014 Respectfully , why would you say that the kit is uninsurable ? Just because SDY might perhaps ask the customer to pay in full for lost / stolen / damage , does that mean that it doesn't insure its own kit separately ?
rounder2
15/1/2018
09:52
CEO Russell Down hailed the new £45 million three-year CLLN contract renewal as a major coup in last year's annual report. Maybe not such a smart move after all - albeit he is financially trained/acute, so has probably hedged most of the risk with other parties. If not then credibility may take a bruising?
brummy_git
15/1/2018
09:44
Also it may give Speedy the opportunity to retender at higher margin too . Carillion was a life-sucking jinx to the industry and i think after the initial shock many will be privately celebrating its demise. I
rumbers2
15/1/2018
09:41
If CLLN are really SDY's biggest customer a 10% fall is just the start. Maybe they have credit insurance, maybe not, but either way the kit is going to go missing. The kit is un-insurable Rounder. When it goes missing the customer pays for it in full
cc2014
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