18.02.2008

Positive Speedy

The UK’s largest general rental company Speedy Hire has issued an interim management statement covering its fiscal third quarter.
The statement is positive and confirms a good start to the new calendar year with a strong outlook. The full statement is reproduced below.

“The positive trading reported at the time of the interim results on 28 November 2007 has continued, with overall third quarter revenue up 43 percent on the comparative quarter last year and the Group's revenue growth for the nine months to 31 December standing at 39 percent.”

“The Tool Hire and Equipment divisions continue to perform well generating revenue growth of 47 percent and 30 percent respectively for the period.”

“The integration of Hewden Tools is now complete. The ex-Hewden network has been rebranded as Speedy Hire and the acquired depots transferred to Speedy's IT and back office systems.”

“A harmonised price file has been established for customers following the launch of the 2008 catalogue. The integration has been achieved in line with the original plan and budget. As a consequence the combined business is firmly on track to deliver the targeted synergies.”

“Following the acquisition of Hewden Tools net debt as of 31 December 2007 was £271 million and gearing was circa 110 percent which is in line with internal projections post the acquisition of Hewden Tools.”

“The Group's search for a new Finance Director is progressing well and an announcement will be made in due course.”

“The outlook for Tool and Equipment hire remains positive. Our principal markets remain strong and post Christmas trading has started well. The Group has limited exposure to the house building and retail sectors. The board remains confident that full year results will be in line with expectations.”