Speedy Hire Share Discussion Threads

[smithie6] 23/6/2023 12:59

....normally called prelim results if not auditted

it used to be the norm for companies but nowadays some/many companies go straight to publishing auditted annual results.

[optomistic] 23/6/2023 12:31

Thanks Smithie6, I thought that these latest accounts should have been audited.

[smithie6] 23/6/2023 12:27

well, I guess the co. has until the end of Sept. to issue audited accounts

quite a lot of time & most of the work is done, imo, since the unaudited accounts have been published.

[optomistic] 23/6/2023 12:16

...and still unable to produce audited accounts this year!

[american idiot] 23/6/2023 11:35

Sleepy....

Give IR a call / email...

I'm sure they will be more than happy to answer your questions :)

SPEEDY HIRE PLC
Registered office
Chase House
16 The Parks
Newton-le-Willows
Merseyside
WA12 0JQ

Telephone [phone]
Facsimile 01942 402870
Email [e-mail]
Website www.speedyservices.com/investors

[smithie6] 23/6/2023 11:10

The ratio of services revenue versus rental revenue does look a bit strange. Similar amounts.

(perhaps a notable % of service revenue is for fuel, since fuel is expensive stuff)

----
I think it might be (see page 2 of the glossy AR for 2021) for
- fuel
- consumables like sandpaper, gloves
- any service needed for hire kit when it comes back (perhaps drill sharpening ?, servicing any generators?)
- training
- certification of kit that needs certification (perhaps optical surveying equipt etc)
- servicing of powered access equipment

delivery charges are included in hire revenue, not in service revenue

services revenue includes "re-hire" revenue !!
(p 118 of 2021 AR)
wtf !!

"re-hire", what is that ?!!

so, if you read the glossy AR for 2021 you will still be completely in the dark !!
======

hopefully no back hander to the auditor for 2021 is included, to get them to sign that £20 million of certain assets where there, when they weren't !!

;-)

[sleepy] 23/6/2023 10:36

Thanks AI. I had read that but it doesn’t answer my question. Also what does Speedys £176 million of “Service”; revenue consist of?

[american idiot] 23/6/2023 10:10

Sleepy,

Have a read..



Over 46,000 customers
More than 300,000 itemised assets available for hire
1,060 vehicles
More than 3,700 employees
200+ depots across the UK and Ireland

and now this is to be rolled out shortly.....

To enable the accelerated growth in these markets, during FY2023 we announced that we will be developing our partnership with TradePoint and B&Q by implementing a national tool and equipment hire offer specifically for these customers. During FY2024 we will extend our service to digitally hire a selected number of products from c.300 B&Q stores nationally.

In my opinion that'll bring tool hire readily available to the averager DIY'er as well as smaller tradesman...all available to order digitally as well as instore...and delivered directly to your door.

[parob] 23/6/2023 10:04

Bounced off 31p three times.

[sleepy] 23/6/2023 09:55

How many locations do Speedy have in the UK and Ireland?

[brucie5] 23/6/2023 09:39

Call me naive, but this looks like a basing pattern to me. Obviously the missing kit puts a huge question mark over bod credibility, but director buys are always, attestations of faith in the health of the business, which doesn't, of course mean you have to take them at face value! But this is surely the risk in buying value at distressed levels. There's always the risk that it could go lower.

[smithie6] 23/6/2023 08:55

head auditor for 2021 accounts to a Speedy boss

'look, auditting all the assets is going to take 2 weeks & we are all going to get bored stiff, are you ok that we just sign it off & have 2 weeks holiday instead ?
and we invite you to lunch today'

reply
'ok, sure'

------

hardware assets declared in 2022 as being wrong by £20 million !

while the auditor for the 2021 accounts signed that the assets had been auditted & that the assets were there !

Any other stuff signed off as "audited" also has not in fact been audited ??!!

[jubberjim] 23/6/2023 07:15

Oi MasterRSI

Can you please bring some of that positivity that you display from TUI across to Speedy

God knows I need it both there at TUI and here at Speedy

Sun is shining and weekend coming up

Be lucky

[master rsi] 22/6/2023 22:51

Share price rise due to large amounts bought by Director 250K
Some will say with the money from the ASSETS lost.

DIRECTOR DEALINGS:
Speedy Hire PLC - Merseyside-based tools hire services firm - Non-Executive Chair David Shearer buys 250,000 shares for total GBP78,391 on Thursday across three transactions.
This consists of 165,000 shares at 31.51p each, 80,000 shares at 31.05p each and 5,000 shares at 31.23p each. This follows Speedy Hire on Thursday reporting that its yearly profits had collapsed following a significant asset-write off, and announced the appointment of a permanent chief financial officer.

Pretax profit for the year ended March 31 plummeted by 94% to GBP1.8 million from GBP29.1 million following an asset write off. The company undertook a comprehensive count of all hire equipment in the year and discovered a shortfall in quantity of non-itemised assets of GBP20.4 million, writing that off and hurting profit.
Interim Chief Financial Officer Paul Rayner was also appointed as the permanent CFO and executive director, with effect from July 1. Rayner was appointed to the interim position on November 1 last year.

[smithie6] 22/6/2023 20:33

>10% of the co. shares are held in treasury

phps to reward the dirs (via share options) for collapsing the shareprice & losing the shareholders shed loads of money ?

AIM, some things never change !

[baddeal] 22/6/2023 18:53

It was sdy in the Middle East

[davius] 22/6/2023 18:27

Strong set of underlying results today. Finally some good news after months of weakness due to the missing assets. Great to see plenty of director buys and a good reaction in the share price Content with my holding, a couple more pence to break even.

[smithie6] 22/6/2023 17:32

so, closing depots, so that the distance to a client from a depot for the equipt delivery by SDY is a bigger distance is claimed to be more environmentally friendly.
yeah, right.

----

and that deliveries in London are now being done using boats on the Thames & that this is greener
wharghhh !
Does anyone actually believe this rubbish ?

[smithie6] 22/6/2023 17:29

is this company now being run by skilled dirs that will avoid SDY falling on more banana skins, which is its track record ?

Well, arguably the rubbery spin put on the results & the spin put on the actually high % cost for unused borrowings might infer that all that has changed at the bod is from one set of muppets to different ones.

[smithie6] 22/6/2023 17:25

today results were unaudited

fingers crossed for shareholders that the audited results do not throw up any wobblies

since we know that previous audits did not audit items valued at below £20 million in the accounts ! :-0

[jubberjim] 22/6/2023 16:49

Left my what seemed at time silly bid o nite got given at 30.46 first thing

Doubled up from previous purchase

Nice to see directors buying but the way results came out was a bit concerned first thing this morning

I ll settle for the movement today

Have improved my average so all good

Onwards and upwards

[smithie6] 22/6/2023 16:40

American Idiot

did you invent the dir. share buys in your post 5467 since I can not see your claimed dir. share buys in any RNS ?