REG - Speedy Hire PLC - Year End Trading Update

Speedy HireAnnouncement

05/04/2022 07:00

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RNS Number : 2092H  Speedy Hire PLC  05 April 2022

Speedy Hire Plc

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

 

5 April 2022

 Year End Trading Update

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 the Group's trading performance for the year ended 31 March 2022.

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

The Group has seen a continuation of the positive trading momentum achieved
throughout the year, with UK and Ireland hire revenue for the year c.5% ahead
of FY2020.  Hire revenue in Q4 FY2022 was c.7% ahead of the corresponding
period in FY2021, which now represents a more meaningful comparator. The
Group's key end markets continue to deliver growth through demand-driven
volume improvements, with better rates helping to mitigate inflationary cost
pressures.

Our investment in developing a retail business in partnership with B&Q has
continued during the year. We expect to have a presence in 38 B&Q stores
and on B&Q's website, diy.com, before Easter.

The Group has invested c.£70million in the hire fleet during the year,
accelerating its capital expenditure programme in response to continued strong
demand and to mitigate supply chain pressure.  Consistent with the Group's
strategic goals, the investment has been focused on sustainable products.  We
have maintained strong asset utilisation rates on our enlarged hire fleet,
with utilisation for FY2022 of 57.0% (FY2020 - 55.5%).

The balance sheet remains strong, with net debt at 31 March 2022 of less than
£70million, inclusive of £6million spent to date under the share buyback
scheme.

Change of Auditor

Speedy intends to appoint PricewaterhouseCoopers LLP ("PwC") as its external
auditor for the financial year ending 31 March 2023, subject to shareholder
approval at the 2022 Annual General Meeting.

The selection of PwC follows a competitive tender process, overseen by the
Company's Audit & Risk Committee. KPMG LLP, Speedy's current external
auditor, will continue in its role to undertake the audit for the financial
year ending 31 March 2022. This will conclude their 20-year tenure and satisfy
mandatory rotation requirements.

Notice of results

The Group expects to announce its final results for the financial year ended
31 March 2022 on 24 May 2022.

Russell Down, Chief Executive, commented:

"I am pleased to report that our positive trading momentum has continued with
further revenue growth in Q4. This has been supported by positive end markets,
with strong demand resulting in increased volumes, better rates and higher
utilisation, on an enlarged hire fleet. 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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