Speedy Hire Share Discussion Threads

[baddeal] 22/6/2023 17:53

It was sdy in the Middle East

[davius] 22/6/2023 17:27

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 16:32

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 16:29

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 16:25

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 15:49

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 15:40

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 ?

[smithie6] 22/6/2023 15:38

£70 million depreciation

on hire assets of ~£200 million
& right of use assets of ~£80 million

depreciation charge looks an unusually high % imo

[american idiot] 22/6/2023 14:02

Another director buy incoming....

91995 @ 32.3p
158005 @ 32.3p

260k in total to be announced soon :-)

Can't blame them when theres a 8.5% yield here lol

[american idiot] 22/6/2023 14:00

Smithie...

2014 - That was fraud yes...A £4.8m hit to profits I believe.



“The discovery of the activities of a small number of individuals that resulted in these accounting irregularities has been more than disappointing.”

..........

Thankfully all a long time ago now but I do remember yes.

[american idiot] 22/6/2023 13:55

2nd director buy.......

Paul Rayner - Chief Financial Officer

£0.31309 - 50,000 shares

Claire Rayner (PCA of Paul Rayner, Chief Financial Officer)

£0.31309 - 60,000 shares

[smithie6] 22/6/2023 13:54

American Idiot

was it SDY that had a prior accounting fraud in its middle east division ?

or was it a different hire company ?

ie. that the co. stumbles from one screw up to the next ?

[american idiot] 22/6/2023 13:46

I do see your point Smithie6 :-)

Incompetence / bad (or non existent) record keeping...Its very poor.

Speedy have re-assured investors that matters have been dealt with...We have to take that on trust I guess.

[smithie6] 22/6/2023 13:40

American Idiot

but, do you agree with my general point

that what this company specialises in is hiring out assets & keeping records for each of those assets, when rented out, to who, their address, when due back, how much yet to pay, the age of that unit, servicing history of that unit, current depreciated value of that unit, depreciation this year for that unit....

a major part of the business is just doing documentation

so, it is quite funny imo that they admitted that they were completely incompetent & unable to do/manage paperwork & their assets.

[american idiot] 22/6/2023 13:40

Smithie6

I believe there was an external investigation...



As previously announced, as part of the new controls, the asset count at the end of March 2023 did not identify the need to increase the existing provision.

[american idiot] 22/6/2023 13:36

Here come the director buys....

David Shearer

£0.315089 - 165,000

£0.310499 - 80,000

£0.312250 - 5,000


Aggregated volume 250,000

Price £78,390.86

[american idiot] 22/6/2023 13:34

Smithie...Lost £20m of non itemised assets probably over several years...

Some of that wouldn't have been returned, some lost and I would guess a lot damaged and binned without any records kept.

You make it sound like it was all one persons doing lol whereas in reality it will have been many depots over many years and nothing accounted for...Bad record keeping...

[american idiot] 22/6/2023 13:27

Sleepy,

Gross margins did fall a few % over the year.

Its in the 'Revenue and margin analysis' section of todays results...

Hire £258m revenues at a gross margin of 78.8% (6% growth)

V

Services £176.3m revenues at a gross margin of 18.9% (27.4% growth)

So, to answer. A large proportion of Speedys revenue growth came from 'services' which has a far lower gross margin than that of tool hire.

Gross margins decreased from 57.2% to 54.3%, resulting from a shift in sales mix. Hire margin increased to 78.8% (FY2022: 77.6%) through rate increases and diligent control of other direct costs. Asset utilisation on itemised assets for the year decreased to 54.4%. Services margin of 18.9% was impacted by sales mix with comparably stronger revenue performance in lower margin fuel (FY2022: 22.1%).

I'm no expert by the way so I could well be wrong :-)

[smithie6] 22/6/2023 13:25

have to laugh

a company whose business is to have a big list of assets & to hire them out (using a contract, to a documented renter, at a documented price....& then the co. has to document that the asset is returned & that the correct hire fees are charged for the correct number of days, at the correct rate...)

'loses' £20 million of assets

not £20k, not £200k but £20 million !!

whoever managed to nick the stuff had quite a job on their hands just to move so much stuff & manage to sell it to get cash, & without getting caught.
Well, I guess the equipment included a grinder to use to remove any serial numbers !!

[smithie6] 22/6/2023 13:15

so, they never found the missing £20million of equipment ?!

ffs !

is the company managed by school kids or what ?

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Was it also SDY that had an accounting fraud a few years ago, false numbers from an overseas division, or was that a different hire company ?

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They invested shed loads in 2022 just as the building sector goes in to slow down due to higher % rates. Perfect !! :-(

[sleepy] 22/6/2023 12:41

Thank you for response. Sales are up from 387m to 441m. Operating profit Before exceptionals is only up from 32.6m to 34.1m

[american idiot] 22/6/2023 12:15

Sleepy,

Speedy had a few exceptionals during the financial year...

Asset impairment of £20.4m (non-itemised assets shortfall write-off)
Legal / Professional fees of £1.4m
Restructuring costs of £6.7m (Speedy closed/Merged a few depots)

Total £28.5m

The £20.4m really is a one-off as well.