News & Events
16Nov2011
Interim Report 2011
Financial Highlights
- Underlying revenue* increased by 2.1% to £158.9m (2010: £155.6m) (Unadjusted revenue of £161.8m down 8.7% (2010: £177.3m))
- Underlying EBITDA* increased by 29.2% to £29.2m (2010: £22.6m) (Unadjusted EBITDA of £29.8m up 19.7% (2010: £24.9m))
- £14.7m improvement in underlying profit before tax+ from a loss of £9.9m (2010) to a profit of £4.8m (Unadjusted loss before tax of £2.3m (2010: £13.8m loss))
- Cash generated from operations** of £29.8m (2010: £17.5m)
- New asset based revolving credit facility secured in July 2011 allows reinvestment in the fleet
- Net debt decreased by a further 32% to £77.0m (31 March 2011: £113.9m)
- Net debt to EBITDA (trailing 12 months, excluding exceptional items) has reduced to 1.1x (1.8x at 31 March 2011)
- Interim dividend maintained at 0.2 pence per share (2010: 0.2 pence per share)
*excluding accommodation and expired Network Rail contract
** before net hire fleet capex
+before amortisation and exceptional costs
Trading and Operational Highlights
- The business has moved back into profit and Speedy market share remains strong
- Improvement in trading continues to be driven by the ongoing focus on core customers and markets
- Focus on cash and costs enables continued capital expenditure to support efficient operations
- Well positioned and growing revenue in the core regulated infrastructure markets of water, waste, energy and transport
- Property network consolidation ongoing with an additional 3 Superstores opened Overall performance remains in line with management expectations
Commenting on the results, Ishbel Macpherson, Chairman, said: "We are pleased to report the continuation of our recovery in these challenging times. Our strategy of aligning ourselves with stronger customers and market segments, focusing on our core activities and driving improved efficiency is ongoing. As a result, the Board is confident of the Group meeting its expectations for the financial year."
For further information visit www.speedyhire.plc.uk
