Speedy Hire PLC Trading Update (8296I)

TIDMSDY

RNS Number : 8296I

Speedy Hire PLC

26 March 2018

Speedy Hire Plc

("Speedy" or "the Group")

Trading update

26 March 2018

Speedy, the UK's leading tools and equipment hire company, operating across the construction, infrastructure and industrial markets, today issues an update on its trading performance for the year ending 31 March 2018. The Group's full year results are scheduled to be announced on 16 May 2018.

The Group's hire fleet optimisation programme continued during the year and, excluding the effect of acquisitions, the hire fleet has further reduced. Return on Capital Employed for the year is expected to be c.11%, up from 7.7% in the prior year. Average asset utilisation for the 11 months to February 2018 was 55.4%, up 4.3% from the prior year. Net debt at 31 March is expected to be approximately GBP80m after expenditure of GBP23m on acquisitions. The acquisitions are performing in line with expectations and revenue and cost synergies are being realised as planned.

As a result of the Group's renewed focus on both SME customers and services revenues, and despite the recent liquidation of Carillion, full year revenues before disposals are expected to be approximately 6% ahead of the prior year. Adjusted profit before tax for the year is expected to be ahead of the Board's previous expectations.

Enquiries:

 
 Speedy Hire Plc                 Tel: [phone] 
 Russell Down, Chief Executive 
 Chris Morgan, Group Finance 
  Director 
 
 Instinctif Partners             Tel: [phone] 
 Mark Garraway 
 James Gray 
 

Notes to Editors: Founded in 1977, Speedy is the UK's leading provider of tools, equipment and plant hire services to a wide range of customers in the construction, infrastructure and industrial markets, as well as to local trade and industry. The Group provides complementary support services through the provision of training, asset management and compliance services. Speedy is accredited nationally to ISO50001, ISO9001, ISO14001 and OHSAS18001. The Group operates from over 200 fixed sites across the UK and Ireland together with a number of on-site facilities at client locations throughout the UK, Ireland and from an international office based in Abu Dhabi.

This information is provided by RNS

The company news service from the London Stock Exchange

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March 26, 2018 02:00 ET (06:00 GMT)