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Interim Results

Speedy Hire half-year revenue up 7.5%

19 September 2017 10:00

Speedy Hire reported on Tuesday that half-year revenue, excluding disposals, is approximately 7.5% ahead of the prior year.

Profit is also expected to be well ahead of last year, the company said.

Group revenues for the period to 31 August, excluding disposals, are approximately 7.5% ahead of the prior year primarily due to growth in services revenues. Utilisation rates for the year to date have averaged 54.5%, an increase of c.6% over the corresponding period in the prior year. Net debt at the half year end is expected to be below £70m (30 September 2016: £85.4m).

Overheads in the period are expected to be broadly consistent with the prior period. As part of the Group's ongoing efficiency programme, further action has been taken this month to manage the Group's cost base and, consequently, the number of operating divisions and distribution centres has been reduced. These actions will result in overhead savings of at least £3m per annum. Net exceptional costs of c.£4.5m are expected to be recognised in the first half year.

At 9:58am: (LON:SDY) Speedy Hire PLC share price was +2.25p at 53.5p

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