Speedy Hire Plc
("Speedy Hire", "the Company" or
"the Group")
17
October 2024
Half Year
Trading Update and Notice of Results
Speedy Hire, the UK's leading tools
and equipment hire services company, operating across the
construction, infrastructure and industrial markets, provides an
update on the Group's business and trading performance for the half
year ended 30 September 2024.
Trading performance
The Group's trading performance in
the first half has been satisfactory against a backdrop of
challenging market conditions in some of the Group's end markets.
We remain positive about the future of these markets and also look
forward to ongoing government support for major infrastructure
projects.
Hire revenue for the first half is
consistent with H1 FY2024, although lower margin Services revenue
is 5% down, impacted by a decline in fuel revenues caused by a fall
in wholesale fuel prices. This was partially offset by growth in
Lloyds British testing services. As a result, Group revenue is
marginally down compared to H1 FY2024.
The Group has continued to invest in
the business to deliver on its growth strategy and as part of our
five-year Velocity transformation programme. The pipeline of new
opportunities continues to grow and we expect further contract wins
in the second half to benefit revenues in FY2026.
The joint venture in Kazakhstan has
performed below expectations in the period, due to some delays in
major project opportunities, which we expect to be a matter of
timing.
Net debt1 at the half
year increased to c.£112m, the result of forward buying of Hire
fleet assets to support growth with key customers including the
already announced contract wins. This has resulted in a higher
interest cost in the first half.
The business has made good progress
mobilising new contracts, in particular Amey announced in June this
year, and expects these to deliver significant growth in the second
half. As a result, the Board anticipates the Group meeting its full
year expectations.
Notice of results
The Group intends to announce its
half year results for the six months ended 30 September 2024 on 21
November 2024.
Enquiries:
Speedy Hire
Plc
Tel: 01942 720 000
Dan Evans, Chief
Executive
Paul Rayner, Chief Financial
Officer
MHP Communications
Tel: 0203 128 8100
Oliver Hughes
Katie Hunt
Speedy@mhpgroup.com
Notes:
1
pre IFRS16 basis
Forward looking statements: The
information in this release is based on management information.
This report includes statements that are forward looking in nature.
Forward looking statements involve known and unknown risks,
assumptions, uncertainties and other factors which may cause the
actual results, performance or achievements of the Group to be
materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements. Except as required by the Listing Rules and applicable
law, the Company undertakes no obligation to update, revise or
change any forward looking statements to reflect events or
developments occurring after the date of this report.
Notes to Editors: Founded in
1977, Speedy Hire is the UK's leading provider of tools and
equipment hire services to a wide range of customers in the
construction, infrastructure, industrial, and support services
markets, as well as to local trade, and retail. The Group provides
complementary support services through the provision of training,
asset management and compliance services. Speedy is certified
nationally to ISO50001, ISO9001, ISO14001, ISO17020*, ISO27001 and
ISO45001. The Group operates from 144 Service Centres and on-site
locations across the UK and Ireland and through a joint venture in
Kazakhstan. *Lloyds British National Contracts only.