REG - Speedy Hire PLC - Trading Update, Notice of CME and Share Buyback

Speedy HireAnnouncement

27/01/2022 07:00

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RNS Number : 7716Z  Speedy Hire PLC  27 January 2022

Speedy Hire Plc

("Speedy", "the Company" or "the Group")

 

27 January 2022

 

Trading Update, Notice of Capital Markets Event and Share Buyback Programme

Speedy, the UK's leading provider of tools and equipment hire, and services to
the construction, infrastructure and industrial markets, today provides an
update on current trading.

The positive trading momentum experienced during the first half year continued
into Q3 including further contract wins and renewals. UK and Ireland Hire
revenue for the nine months to December was c.4% ahead of the corresponding
period in FY2020.  Hire revenue in January 2022 to date is c.7% ahead of the
corresponding period in FY2020.

The Group has invested c.£61 million in the hire fleet for the year to date
in response to strong demand.  Consistent with the Group's strategic goals,
the investment has been focused on sustainable products.  Asset utilisation
rates for the year to date are 57.1%; c.1.4% ahead of the comparable period in
FY2020.

The Group expects to report results for the year in line with the Board's
expectations.

Capital Markets Event

The Group will be hosting a Capital Markets Event for analysts and
institutional investors on 30 March 2022 at its Innovation Centre in Milton
Keynes, which opened last year. The session will focus on our strategic growth
initiatives including ESG and Retail.

Share buyback programme

The Group has separately announced today a share buyback programme of up to
£30 million. At the time of the half year results in November 2021, the Board
undertook to review the medium-term capital needs of the Group and consider
potential returns to shareholders. The Board considers that a £30 million
share buyback programme is prudent, reflects the cash generative ability of
the Group and maintains a strong balance sheet consistent with its capital
allocation policy.

 

Russell Down, Chief Executive, commented:

"I am pleased to report that our positive trading momentum has continued with
further revenue growth in Q3.  Market demand has resulted in increased
utilisation rates, on an enlarged hire fleet following accelerated capital
expenditure. Overall results for the year are expected to be in line with the
Board's expectations."

 

Enquiries:

 

 Speedy Hire Plc                       Tel: 01942 720 000

 Russell Down, Chief Executive

 James Bunn, Chief Financial Officer

 MHP Communications                    Tel: 0203 128 8778

 Oliver Hughes

 Andrew Jaques

 

Inside Information: This announcement contains inside information.

 

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 is the UK's leading provider of
tools and equipment 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
certified nationally to ISO50001, ISO9001, ISO14001, ISO17020, ISO27001 and
ISO45001. The Group operates from c.200 fixed sites across the UK and Ireland
together with a number of on-site facilities at client locations, and through
a joint venture in Kazakhstan.

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