Speedy Hire Share Discussion Threads

[pictureframe] 09/2/2023 07:03

Is there the possibility that some of this is insured?

[fenners66] 08/2/2023 23:46

You would have thought that just measuring the asset utilisation metrics would have shown up the decline in the numbers - almost 10% of the rental assets missing and not contributing would show a decline...

unless of course they are admitting to having a completely mismanaged pile of plant they never rent out anyway - in which case that is a different kind of incompetency.

[fenners66] 08/2/2023 23:43

"These actions will be further considered in conjunction with the findings of the external investigation"

whilst that does not mention specifically the police - external investigation could mean bringing them in.

[fenners66] 08/2/2023 23:42

Wow that Speedyhire announcement is breathtaking.

No reconciliation done on those assets - now monthly instigated.
Puts into question the value in the last accounts and the last audit, since that is a material number.

But to blithely refer to no change to underlying profits and file the loss and forget is outrageous.

Last accounts attributable profit was £21.9m per advfn

The events in the RNS will account for £23.3 m !! and everything is presented as business as usual !!

Well its only shareholders' money so what does it matter anyway ?? !!

[drectly] 08/2/2023 23:29

So if this shambles was over the last 3 or 4 years say, they actually made 20m less in three or four years than reported. I hope they are checking the impact for senior managers and directors, the impact of the false reporting on bonuses and share options. Probably not.

[pugugly] 08/2/2023 22:33

Some 40% of non-itemised gone walkies. Either very sloppy bookkeeping or a nice little back door earner for some employees or a possible mixture of both.

The BIG question is that if this amount of stock has not been accounted for could it be a possible marker for other logistical errors?

Good to see the actions management are taking to investigate the reasons for the deficit and put mew control systems in place,

[baddeal] 08/2/2023 19:18

This isn't stock that has suddenly disappeared. It will have been lost over time, not correctly accounted for in depots and the financials overstated. it is down to poor operational and financial control. It doesn't mean they suddenly need to buy more stock. It isn't a cash loss. It does though mean they need to invest in their internal control processes otherwise it will just happen again.

[my retirement fund] 08/2/2023 18:49

No mention of the police, theft has been legalised as far as Speedy are concerned? Or perhaps 20.5M is such a small sum of money to them, it's just not worth reporting?

[1derwent] 08/2/2023 17:21

Whatever happens stock has to be replaced at current prices so buyback probably suspended and maybe divi what a mess led by amstures

[spob] 08/2/2023 17:04

It can become larger if they say further anomolies have been discovered

[spob] 08/2/2023 16:29

Hmmm, perhaps the reason they give for a 20m black hole, is just an excuse they pulled out of thin air

could be a cover up for prior dodgy accounting or wrong doing


maybe this 20m black hole will become a much larger one in the near future ?

[jubberjim] 08/2/2023 15:23

I must be going gaga but
Prior to today's trading update/statement
I am sure that within the last few weeks speedy hire released an update that made no mention of this discrepancy that has come to our attention today

Can anyone please put me out of my misery as I went long again at around 40 on the back of it

Was I seeing things

[brucie5] 08/2/2023 14:38

Just read PScott's cursory remarks and sold having held for barely 48 hours, I think. In a rising market this has soiled its reputation, unfortunately.

[rumbers2] 08/2/2023 14:07

With over 15 million shares traded so far today, I think we can safely guarantee the buyback budget is now well and truly spent. I reckon we will get an RNS tomorrow saying it's completed.

It's scant consolation for the gross ineptitude of Speedy's management during this latest debacle though.

[govner] 08/2/2023 12:27

A half decent existing quality management system should identify where some of the losses have gone. Maybe we should all keep an eye out for scaffolding etc owned by cowboys which has a speedy hire badge on (or evidence of removal) and report it to their lost and found department. If it's manipulation of figures, then that's a different story!

[jubberjim] 08/2/2023 12:26

This is going into the sock drawer

Will try not to lose track

As a long time bear I am just grateful that we are in what appears to be an mildly enthusiastic bull market.

Waiting now to see if we can escape the attentions of the yanks this pm

Good luck holders we will need it

[eggbaconandbubble] 08/2/2023 12:19

Maybe it did fall in the river and was washed out to sea. Or maybe......?

[optomistic] 08/2/2023 11:52

Everyone very happy then with £20.4 mil going missing...come on this needs looking into!

[optomistic] 08/2/2023 10:53

So noone in any depot knew where any of the missing items were loaned out to... a likely story!

[diku] 08/2/2023 09:52

Post 5394...where are the managers of the managers?...can be difficult to get the right staff nowadays...

[brucie5] 08/2/2023 09:27

Ouch. But almost worth it for this wonderful mastery of euphemism-
"a deficiency in the value of non-itemised assets of c.GBP20.4m.

Looks like the business is reviving:

The Group continues to perform well in the second half, with its revenue (excluding disposals) for the four months to 31 January 2023 up c.16% against the corresponding period in the prior year and apart from any effects of the asset loss described above, the Board continues to be confident in delivering underlying profit* in line with its expectations for the full year.

This has somewhat betrayed my early hopes of continued breakup in the chart, but for time being it still looks like the bottom was reached in September last year. If they can now grow the dividend and continue to buy back shares, while cleaning our their stables, this is still a recovery share with something to keep investors patient?

[govner] 08/2/2023 09:14

Ok, I worked in construction for many years and understand how a wacker plate might disappear for the weekend and may not come back on Monday! but 20odd million quid's worth? So can someone please educate me with regard to who will actually be held responsible for this debacle and what the repercussions will be. Or are we just going to take it on the chin and say carry on chaps.