Speedy Hire Plc, the UK’s largest provider of tools and equipment for hire, is releasing its interim management statement in respect of the period from 1 October 2011 to 14 February 2012.

Trading for the period overall has been in line with the Board’s expectations.

Group underlying* revenues for the third quarter (Oct – Dec) were up 7.6% against the prior year with the focus on self help measures to drive operational efficiency delivering further improvement in profitability. We expect to have opened a further 3 superstores by the end of February, continuing the network reconfiguration in order to deliver improvements in customer service, product availability and operational efficiency thereby continuing to drive margin growth.

Speedy’s second half is always influenced by the Christmas period when the weather and holidays cause activity for many of our clients to be reduced. Whilst in January, the initial speed of recovery following the Christmas period was slower than expected as the mild weather resulted in lower revenues from heating and drying equipment, subsequently, trading has benefited from the recent bout of cold weather together with improved revenues from non-weather related activity.

The Group has maintained its focus on the regulated industries and private sector investment markets of water, waste, energy and transport. Speedy is making steady progress despite the challenging market conditions and uncertain economic outlook and the Board remains confident of meeting its expectations for the financial year.

*underlying revenue is total revenue excluding revenue from fleet sales and adjusted for the disposal of the accommodation hire operations in April 2011 and the expiry of the Network Rail maintenance contract in December 2010.

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