REG - Speedy Hire PLC - Completion of investigation: non-itemised assets

Speedy HireAnnouncement

18/05/2023 07:00

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RNS Number : 8000Z  Speedy Hire PLC  18 May 2023

 

 

Speedy Hire Plc

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

 

 

18 May 2023

 

Completion of the investigation into non-itemised assets

Speedy provides the following further update on the matter relating to its
non-itemised assets first notified to the market in its trading update on 8
February 2023 and further referenced in its year end trading update on 5 April
2023.

As previously announced, following a comprehensive count of all hire
equipment in preparation for the audit for the financial year ended 31 March
2023, the Company identified a deficiency in the value of non-itemised assets
(equipment without a unique serial identifier such as scaffolding tower,
fencing and non-mechanical plant) of c.£20.4m.

Findings and actions taken

Following completion of the investigation the Board has concluded that:

·      the issue resulted from problems with the Company's controls and
accounting procedures for non-itemised assets over a number of years, and in
particular the reconciliation of such counts to the Group's fixed asset
register; and

 

·      the issue was not the result of underlying systemic fraud
perpetrated on the Company by its staff or third parties.

 

In addition to corrective action and new controls implemented by management,
the Board has agreed a remedial plan to further strengthen the financial
control environment for managing non-itemised assets and provide assurance for
the relevant accounting values. This includes additional counts of the assets
and new procedures for reconciling those against its fixed asset register.

As previously announced, as part of the new controls, the asset count at the
end of March 2023 did not identify the need to increase the existing
provision.

Enquiries:

 

Speedy Hire
Plc
Tel: 01942 720 000

David Shearer, Chairman

Paul Rayner, Interim Chief Financial Officer

 

MHP Communications
         Tel: 0203 128 8540

Oliver Hughes

Charlie Barker

Speedy@mhpgroup.com

 

Notes:

 

This announcement contains inside information.

 

 

 

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