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Trading statements

Speedy positive

13 July 2016 07:26

Speedy Hire has made a positive start to year and believes its strategy and recovery plan provide the platform for full-year results to be slightly ahead of directors' views.

Revenues in the first quarter ended 30 June 2016 slightly ahead of the comparable period.

The Group is following a disciplined approach to bidding and has retained a number of major framework contracts since the start of the financial year.

Utilisation rates increased to 50% by the end of the period. As previously reported, overhead costs are significantly lower than in the prior year.

Net Debt at 30 June was lower than the corresponding period last year. The Group continues to have substantial headroom against its banking facilities, which expire in September 2019.

"It is too early to assess with any degree of certainty what impact the EU referendum result will have on the Group's end markets but, to date, there has been no deterioration in trading," the company said in a statement.

"The Board believes that the Group's strategy and recovery plan provide the platform for full year results to be slightly ahead of the Board's previous expectations."

Story provided by StockMarketWire.com

Related Company: SDY

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