REG - Speedy Hire PLC - AGM Statement

Speedy HireAnnouncement

05/09/2024 07:00

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RNS Number : 9477C  Speedy Hire PLC  05 September 2024

Speedy Hire Plc

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

 5 September 2024

 

AGM statement

 

Speedy Hire, the UK's leading tools and equipment hire services company,
operating across the construction, infrastructure and industrial markets,
provides an update on the Group's business and trading performance ahead of
its Annual General Meeting, which will be held later today.

Business and trading update

The business has performed well in the year to date, despite continuing
challenging conditions in some of our end markets. We are encouraged by the
new government's plans, although at an early stage, to support residential
housing market growth, and we look forward to long term infrastructure
projects continuing to be supported.

The Group's year to date hire revenue is in line with this time last year. As
we have communicated previously, there will be a second half weighting to
revenues and profits as we continue to mobilise our significant contract wins.
Steps to mobilise the Group's new contract with Amey are in hand and it is
anticipated that this will generate revenue in the final quarter of our
financial year.

The Group remains well positioned to respond quickly to changes in market
conditions and to capitalise on future opportunities, benefitting from our
diverse end market exposure, broad customer base and the progression of our
Velocity strategy including operational efficiencies.

 

Overall, trading is in line with the Board's expectations for the full year.

 

 

 

Enquiries:

 

Speedy Hire
Plc
Tel: 01942 720 000

Dan Evans, Chief Executive

Paul Rayner, Chief Financial Officer

 

MHP
Communications
Tel: 0203 128 8100

Oliver Hughes

Katie Hunt

Speedy@mhpgroup.com (mailto:Speedy@mhpgroup.com)

 

 

Notes:

 

 

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 Hire is the UK's leading provider of
tools and equipment hire services to a wide range of customers in the
construction, infrastructure, industrial, and support services markets, as
well as to local trade, and retail. 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 147 Service Centres
and on-site locations across the UK and Ireland and through a joint venture in
Kazakhstan. *Lloyds British National Contracts only.

 

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