Share Prices & Company Research

Market News

01 Mar 2021 | 09:30

Speedy Hire full-year profit to beat market expectations

(Sharecast News) - Speedy Hire said on Monday that pre-tax profit for the year to the end of March 2021 is set to be "well ahead" of current market expectations following better-than-expected trading since last September. In an update on trading for the year, the tools and equipment hire company said revenue has improved as activity levels have continued to increase. Last month, core hire revenue in the UK and Ireland was about 2% higher than the prior year, it said, while utilisation for the period from 1 October 2020 to date was 58.7% versus 56.2%

Speedy said that underlying overhead costs remain "tightly controlled" and that it has not used government furlough or loan schemes in the second half of the year.

The company also said it has sold its equipment fleet, stock and other fixed assets relating to its Middle East business to ADNOC for $18m.

Chief executive Russell Down said: "I am pleased to report another period of momentum and resilience for the group as our colleagues have adapted and supported our customers in these challenging times. Our ongoing positive trading has benefitted from increasing activity levels and shows the strength of our strategy, people and operational delivery.

"The successful exit from the Middle East operations is an important strategic step for Speedy and we wish the whole of the ADNOC team every success in the future. Looking ahead, we are well positioned to take advantage of the market opportunities in the UK and Ireland as activity levels continue to improve."

At 0925 GMT, the shares were up 5.9% at 67.80p.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 14th May 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.