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Speeding up! (SDY)
JRM - 20 Jan 2012 16:41
Has Speedy hire turned the corner?
It's looking interesting. Any thoughts?
Takeover time?
It's looking interesting. Any thoughts?
Takeover time?
JRM - 27 Jan 2012 14:39 - 2 of 244
Looking good today. Imminent takeover?
JRM - 03 Feb 2012 12:35 - 3 of 244
Has anybody seen any reason for renewed interest here?
pumben - 04 Feb 2012 11:03 - 4 of 244
yes I have ben holding these for a few years but this is suddent rise which is nice too see. does make you think there could be some news around the corner. haven't seen this type of rise in a short time.
JRM - 06 Feb 2012 11:14 - 5 of 244
It's the sort of business Travis P are always ready to buy, but given recent OFT issues they may wait, it used to be a big FTSE 250 company, so there is hopefully something there. I must check the market capital
goldfinger
- 22 Feb 2012 10:11
- 6 of 244
Gone long here looks to be plenty of value in the SP.
goldfinger
- 22 Feb 2012 10:24
- 7 of 244
SDY Speedy Hire
Technicals look solid........
Technicals look solid........
JRM - 22 Feb 2012 18:00 - 8 of 244
Those charts look good. I can't go beyond basic analysis.
Is there anything specific I should be focusing on?
Thanks
Is there anything specific I should be focusing on?
Thanks
goldfinger
- 23 Feb 2012 15:40
- 9 of 244
JRM its a highly fluid stock that moves very quickly on technicals.
goldfinger
- 23 Feb 2012 15:40
- 10 of 244
SDY Speedy Hire
Brokers are certainly bullish on this one....
not suprised its on a miserly forward P/E
of just over 10 to 2013..........
Speedy Hire PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
N+1 Brewin
22-02-12 BUY 12.30 1.70 0.40 17.00 2.40 0.60
Panmure Gordon
21-02-12 BUY 13.00 1.85 0.40 19.80 2.81 0.40
Peel Hunt
16-02-12 HOLD 12.00 1.69 0.40 18.00 2.54 0.50
Broker Name Withheld 3
15-02-12 BUY 12.90 1.90 0.40 20.20 3.00 0.50
Singer Capital Markets Ltd
16-01-12 BUY 19.50 2.80 0.40 28.80 4.10 0.40
Investec Securities
07-12-11 BUY 10.82 1.51 0.44 19.15 2.67 0.52
Altium Securities
16-11-11 HOLD 12.20 18.50
Evolution Securities Ltd
16-11-11 BUY 12.00 1.70 0.40 18.50 2.70 0.40
2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 13.04 1.88 0.40 19.80 2.86 0.49
1 Month Change -0.12 -0.01 -0.00 -0.29 -0.05 0.04
3 Month Change -0.03 0.00 -0.00 -0.20 -0.04 0.04
GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS % % 52.50%
DPS -78.95% 0.75% 22.58%
INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E
)
EBITDA £58.40m £67.66m £75.34m
EBIT £-2.20m £22.88m £29.91m
Dividend Yield 1.38% 1.39% 1.70%
Dividend Cover -2.08x 4.66x 5.80x
PER -34.89x 15.44x 10.13x
PEG f f 0.19f
Net Asset Value PS 32.71p 42.40p 45.50p
Brokers are certainly bullish on this one....
not suprised its on a miserly forward P/E
of just over 10 to 2013..........
Speedy Hire PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
N+1 Brewin
22-02-12 BUY 12.30 1.70 0.40 17.00 2.40 0.60
Panmure Gordon
21-02-12 BUY 13.00 1.85 0.40 19.80 2.81 0.40
Peel Hunt
16-02-12 HOLD 12.00 1.69 0.40 18.00 2.54 0.50
Broker Name Withheld 3
15-02-12 BUY 12.90 1.90 0.40 20.20 3.00 0.50
Singer Capital Markets Ltd
16-01-12 BUY 19.50 2.80 0.40 28.80 4.10 0.40
Investec Securities
07-12-11 BUY 10.82 1.51 0.44 19.15 2.67 0.52
Altium Securities
16-11-11 HOLD 12.20 18.50
Evolution Securities Ltd
16-11-11 BUY 12.00 1.70 0.40 18.50 2.70 0.40
2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 13.04 1.88 0.40 19.80 2.86 0.49
1 Month Change -0.12 -0.01 -0.00 -0.29 -0.05 0.04
3 Month Change -0.03 0.00 -0.00 -0.20 -0.04 0.04
GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS % % 52.50%
DPS -78.95% 0.75% 22.58%
INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E
)
EBITDA £58.40m £67.66m £75.34m
EBIT £-2.20m £22.88m £29.91m
Dividend Yield 1.38% 1.39% 1.70%
Dividend Cover -2.08x 4.66x 5.80x
PER -34.89x 15.44x 10.13x
PEG f f 0.19f
Net Asset Value PS 32.71p 42.40p 45.50p
JRM - 23 Feb 2012 18:34 - 11 of 244
Thanks
goldfinger
- 29 Feb 2012 15:34
- 12 of 244
MM tree shake going on.
Big buyer in the market.
Dont let go.
Big buyer in the market.
Dont let go.
goldfinger
- 29 Feb 2012 15:46
- 13 of 244
Interesting article on Motley Fool today:
These big recession losers could be big winners tomorrow.
There have been some real horror-story shares for investors over the last few years. The two companies I'm going to tell you about here have been among the worst.
Both firms, which are in the Support Services sector, have made losses in each of the last three years. The better of the two has seen its shares fall from a peak of over £13 in 2007 to under 20p as recently as December. The other has lost 99-point-something per cent of its value!
Am I kidding?
I'm sure anyone who backed these businesses before the credit crunch can barely hear their names without spitting nails. But, for investors coming fresh to the companies today, there's the potential for either of these ugly ducklings to turn into a beautiful swan.
The two firms have been through the trauma of such things as rights issues, debt-for-equity swaps and painful restructurings of their operations. Now, after their loss-making years, both are showing signs of recuperation and are expected to return to profit when they announce their next results.
Speedy recovery
Tool hire firm Speedy Hire (LSE: SDY) was something of a stock market darling in 2007, winning business awards left, right and centre, and being named the number one FTSE 350 firm in that year's Observer Good Companies Guide.
Today, Speedy is in the Small Cap index and, at a share price of 28.5p, is valued at £147m. The company went into the recession with gearing of over 100% but in mid-2008 was confident of delivering growth over the next financial year. Here's what subsequently happened:
Year ending Turnover (£m) Pre-tax profit/(loss) (£m)
31-Mar-08 465.50 30.50
31-Mar-09 482.70 (71.10)
31-Mar-10 351.10 (22.80)
31-Mar-11 354.20 (27.00)
Source: Digital Look
Speedy was hit by what its chairman described as "an unprecedented period of challenging trading and limited visibility over future revenue streams". The company was obliged to do a rights issue in May 2009 to raise £100m.
Since then, Speedy has been developing long-term strategic partnerships with major construction, infrastructure and utilities groups, and its equipment hire business is being increasingly supported by a wide range of broader complementary activities.
The consensus among analysts is for the group to deliver a pre-tax profit of £13m on turnover of £340m in its upcoming annual results.
Bottom line
Speculative punts aren't really my thing these days, but for those of you who like to put a little money in a spread of recovery situations, hoping for one or two big long-term multibaggers among the inevitable also-rans, Speedy Hire and Styles & Wood look to have plenty of potential.
These big recession losers could be big winners tomorrow.
There have been some real horror-story shares for investors over the last few years. The two companies I'm going to tell you about here have been among the worst.
Both firms, which are in the Support Services sector, have made losses in each of the last three years. The better of the two has seen its shares fall from a peak of over £13 in 2007 to under 20p as recently as December. The other has lost 99-point-something per cent of its value!
Am I kidding?
I'm sure anyone who backed these businesses before the credit crunch can barely hear their names without spitting nails. But, for investors coming fresh to the companies today, there's the potential for either of these ugly ducklings to turn into a beautiful swan.
The two firms have been through the trauma of such things as rights issues, debt-for-equity swaps and painful restructurings of their operations. Now, after their loss-making years, both are showing signs of recuperation and are expected to return to profit when they announce their next results.
Speedy recovery
Tool hire firm Speedy Hire (LSE: SDY) was something of a stock market darling in 2007, winning business awards left, right and centre, and being named the number one FTSE 350 firm in that year's Observer Good Companies Guide.
Today, Speedy is in the Small Cap index and, at a share price of 28.5p, is valued at £147m. The company went into the recession with gearing of over 100% but in mid-2008 was confident of delivering growth over the next financial year. Here's what subsequently happened:
Year ending Turnover (£m) Pre-tax profit/(loss) (£m)
31-Mar-08 465.50 30.50
31-Mar-09 482.70 (71.10)
31-Mar-10 351.10 (22.80)
31-Mar-11 354.20 (27.00)
Source: Digital Look
Speedy was hit by what its chairman described as "an unprecedented period of challenging trading and limited visibility over future revenue streams". The company was obliged to do a rights issue in May 2009 to raise £100m.
Since then, Speedy has been developing long-term strategic partnerships with major construction, infrastructure and utilities groups, and its equipment hire business is being increasingly supported by a wide range of broader complementary activities.
The consensus among analysts is for the group to deliver a pre-tax profit of £13m on turnover of £340m in its upcoming annual results.
Bottom line
Speculative punts aren't really my thing these days, but for those of you who like to put a little money in a spread of recovery situations, hoping for one or two big long-term multibaggers among the inevitable also-rans, Speedy Hire and Styles & Wood look to have plenty of potential.
machoman - 29 Feb 2012 15:49 - 14 of 244
What a lot of rubish "goldie"
SP is on the way down and a very negative order book
order book at 452K v 704K
SP is on the way down and a very negative order book
order book at 452K v 704K
goldfinger
- 02 Mar 2012 15:17
- 15 of 244
BREAKOUT.
goldfinger
- 02 Mar 2012 15:17
- 16 of 244
SDY Speedy Hire
Broker Singer is looking for EPS of 1.9p
for year ending 31 march and 2.9p and 4.2p
for 2012 and 2013.
This looks conservative to me very
conservative.
In fact reckon they will easily beat the
2012 figure with business improving.
Stock is far too cheap and looks like
someone from the Instituitonal world
has figured this out.
Hence Big Buys we are seeing.
Broker Singer is looking for EPS of 1.9p
for year ending 31 march and 2.9p and 4.2p
for 2012 and 2013.
This looks conservative to me very
conservative.
In fact reckon they will easily beat the
2012 figure with business improving.
Stock is far too cheap and looks like
someone from the Instituitonal world
has figured this out.
Hence Big Buys we are seeing.
JRM - 02 Mar 2012 16:10 - 17 of 244
Thanks, I like to see a big jump on a Friday. Always a good sign!
goldfinger
- 02 Mar 2012 16:54
- 18 of 244
Inded indeed. We should have a bullish run up to the results and beyond. Will see an RNS early next week on the big buyer.
goldfinger
- 26 Mar 2012 14:49
- 19 of 244
SDY Speedy Hire
Brokers firmly behind SDY.......
Speedy Hire Broker Views
Date Broker Recommendation Price Old target price New target price Notes
16 Mar N+1 Brewin Buy 28.88 46.00 46.00 Retains
15 Mar N+1 Brewin Buy 28.88 40.00 46.00 Retains
05 Mar Collins Stewart Buy 28.88 40.00 40.00 Reiterates
02 Mar UBS Neutral 28.88 23.00 30.00 Retains
02 Mar Goldman Sachs Neutral 28.88 26.00 40.00 Retains
Brokers firmly behind SDY.......
Speedy Hire Broker Views
Date Broker Recommendation Price Old target price New target price Notes
16 Mar N+1 Brewin Buy 28.88 46.00 46.00 Retains
15 Mar N+1 Brewin Buy 28.88 40.00 46.00 Retains
05 Mar Collins Stewart Buy 28.88 40.00 40.00 Reiterates
02 Mar UBS Neutral 28.88 23.00 30.00 Retains
02 Mar Goldman Sachs Neutral 28.88 26.00 40.00 Retains
goldfinger
- 26 Mar 2012 14:53
- 20 of 244
From 'UK-Analyst.com' 16.3.12
"N+1 Brewin retained its "buy" stance on Speedy Hire (SDY), with an increased target price of 46p, up from 40p. The broker noted that the industrial equipment rental firm has improved its operational efficiency in the UK, while also making strategic investments. Brewin added that the firm's Middle East business is now profitable and operating at an underlying margin of over 20%. The broker also noted that despite their recent strength the shares continue to trade at a discount to tangible net asset value of 35p per share. The shares were unchanged at 30.5p."
More news will be forthcoming from SDY next month. Middle East profitable? What are the volumes? At home, SDY's been opening superstores: Leeds, Bristol, Stoke, Nottingham and, this week, Manchester. The Manchester store replaces three other stores. Anyone on the BB with any experience of these new superstores?
With SDY having broken 30p and gone no further in a frothy market, is it time to throw caution to the winds and buy more for the ride or hang back and pick up after the anticipated correction? SDY's fundamentals appear to be improving. Long-term, it looks as if 'investment' could again apply. Short-term, a fast 10-15% on a punt is not unimaginable. Medium-term, buying now at 30.50p could well prove costly.
'Technical Insight' gives conflicting indicators and a unhelpful wide range of play. Hopers and bulls will doubtless enjoy
http://www.speedyservices.com/info/speedy-summer
"N+1 Brewin retained its "buy" stance on Speedy Hire (SDY), with an increased target price of 46p, up from 40p. The broker noted that the industrial equipment rental firm has improved its operational efficiency in the UK, while also making strategic investments. Brewin added that the firm's Middle East business is now profitable and operating at an underlying margin of over 20%. The broker also noted that despite their recent strength the shares continue to trade at a discount to tangible net asset value of 35p per share. The shares were unchanged at 30.5p."
More news will be forthcoming from SDY next month. Middle East profitable? What are the volumes? At home, SDY's been opening superstores: Leeds, Bristol, Stoke, Nottingham and, this week, Manchester. The Manchester store replaces three other stores. Anyone on the BB with any experience of these new superstores?
With SDY having broken 30p and gone no further in a frothy market, is it time to throw caution to the winds and buy more for the ride or hang back and pick up after the anticipated correction? SDY's fundamentals appear to be improving. Long-term, it looks as if 'investment' could again apply. Short-term, a fast 10-15% on a punt is not unimaginable. Medium-term, buying now at 30.50p could well prove costly.
'Technical Insight' gives conflicting indicators and a unhelpful wide range of play. Hopers and bulls will doubtless enjoy
http://www.speedyservices.com/info/speedy-summer
goldfinger
- 26 Mar 2012 15:06
- 21 of 244
Time to buy??..........
goldfinger
- 30 Mar 2012 11:15
- 22 of 244
Speedy Hire Broker Views
Date Broker Recommendation Price Old target price New target price Notes
16 Mar N+1 Brewin Buy 27.88 46.00 46.00 Retains
15 Mar N+1 Brewin Buy 27.88 40.00 46.00 Retains
05 Mar Collins Stewart Buy 27.88 40.00 40.00 Reiterates
02 Mar UBS Neutral 27.88 23.00 30.00 Retains
02 Mar Goldman Sachs Neutral 27.88 26.00 40.00 Retains
Date Broker Recommendation Price Old target price New target price Notes
16 Mar N+1 Brewin Buy 27.88 46.00 46.00 Retains
15 Mar N+1 Brewin Buy 27.88 40.00 46.00 Retains
05 Mar Collins Stewart Buy 27.88 40.00 40.00 Reiterates
02 Mar UBS Neutral 27.88 23.00 30.00 Retains
02 Mar Goldman Sachs Neutral 27.88 26.00 40.00 Retains
goldfinger
- 03 Apr 2012 15:45
- 23 of 244
A BUY-IF flagged up on the candles....
http://www.britishbulls.com/StockPage.asp?CompanyTicker=SDY&MarketTicker=Industrials&TYP=S
http://www.britishbulls.com/StockPage.asp?CompanyTicker=SDY&MarketTicker=Industrials&TYP=S
JRM - 03 Apr 2012 16:28 - 24 of 244
I'd like more and the chart says buy, but i'll wait another 2/3 weeks the results aren't out until 16th May.
I must remember!
I must remember!
goldfinger
- 17 Apr 2012 08:37
- 25 of 244
SDY Speedy Hire.
These report tomorrow trading update.
Fingers crossed it should be good.
Brokers right behing them. 1 Hold and
4 Buys.
Forward P/E of just over 10 for 2013
VERY CHEAP
Speedy Hire PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Peel Hunt
13-04-12 HOLD 12.00 1.69 0.40 18.00 2.54 0.50
Panmure Gordon
12-04-12 BUY 13.00 1.85 0.40 19.80 2.81 0.40
N+1 Brewin
10-04-12 BUY 12.30 1.70 0.40 17.00 2.40 0.60
Broker Name Withheld 3
15-02-12 BUY 12.90 1.90 0.40 20.20 3.00 0.50
Investec Securities
07-12-11 BUY 10.82 1.51 0.44 19.15 2.67 0.52
2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 12.37 1.75 0.40 18.46 2.64 0.52
1 Month Change 0.04 -0.01 -0.00 -0.32 -0.06 0.02
3 Month Change -0.80 -0.14 -0.00 -1.66 -0.27 0.07
GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS % % 50.77%
DPS -78.95% 0.50% 29.85%
INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)
EBITDA £58.40m £67.58m £74.74m
EBIT £-2.20m £20.40m £27.20m
Dividend Yield 1.50% 1.50% 1.95%
Dividend Cover -2.08x 4.36x 5.06x
PER -32.19x 15.26x 10.12x
PEG f f 0.20f
Net Asset Value PS 32.71p p p
These report tomorrow trading update.
Fingers crossed it should be good.
Brokers right behing them. 1 Hold and
4 Buys.
Forward P/E of just over 10 for 2013
VERY CHEAP
Speedy Hire PLC
FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Peel Hunt
13-04-12 HOLD 12.00 1.69 0.40 18.00 2.54 0.50
Panmure Gordon
12-04-12 BUY 13.00 1.85 0.40 19.80 2.81 0.40
N+1 Brewin
10-04-12 BUY 12.30 1.70 0.40 17.00 2.40 0.60
Broker Name Withheld 3
15-02-12 BUY 12.90 1.90 0.40 20.20 3.00 0.50
Investec Securities
07-12-11 BUY 10.82 1.51 0.44 19.15 2.67 0.52
2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 12.37 1.75 0.40 18.46 2.64 0.52
1 Month Change 0.04 -0.01 -0.00 -0.32 -0.06 0.02
3 Month Change -0.80 -0.14 -0.00 -1.66 -0.27 0.07
GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS % % 50.77%
DPS -78.95% 0.50% 29.85%
INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)
EBITDA £58.40m £67.58m £74.74m
EBIT £-2.20m £20.40m £27.20m
Dividend Yield 1.50% 1.50% 1.95%
Dividend Cover -2.08x 4.36x 5.06x
PER -32.19x 15.26x 10.12x
PEG f f 0.20f
Net Asset Value PS 32.71p p p
goldfinger
- 17 Apr 2012 08:43
- 26 of 244
SDY Speedy Hire
Interesting to note the NAV per share
according to those above figures from
Hemscott Premium is more than the
present market SP.
Warrants further research and if this is
correct and they arent all flimsy intangibles
this stock could turn out to be a real
bargain.
Interesting to note the NAV per share
according to those above figures from
Hemscott Premium is more than the
present market SP.
Warrants further research and if this is
correct and they arent all flimsy intangibles
this stock could turn out to be a real
bargain.
goldfinger
- 17 Apr 2012 16:01
- 27 of 244
SDY has clearly underperformed its peer AHT
as per the chart but I reckon that is about to
change starting with the trading update tomorrow.
as per the chart but I reckon that is about to
change starting with the trading update tomorrow.
goldfinger
- 17 Apr 2012 16:04
- 28 of 244
SDY Speedy Hire
I dont get SCSW as a subscriber
it was sent out free to me a few
months back and it made SDY a Buy then
and some good points were made.
Ill take extracts from the article,
dated FEB 2012 ithink it was recd on 5/2
SDY
* 300 tool/hire equipment depots in UK and
Ireland small hub in Middle East.
* These markets seem to be at a an earlier
stage of recovery than the US and as such
the shares must rateas more speculative (than AHT)
but Speedy has already said hire rates are going up
and we think the share price is past its nadir.
* Speedys recovery is benefiting from the
disposal of a business renting portable cabins
that used to be involved in tempoary accomadation
netting £33.4 m.
* Debt no longer casts a long shadow over
the shares.
* Company embarked on a process of Self help.
to raise profits irrespective of the market
backdrop.
* The company hopes to double operating margins
in the medium term towards 15%.
* Singer is looking for EPS of 1.9p
for year ending 31 March and 2.9p and
4.2p for the following two years.
* Helped by the improvement in recent trading
those latter 2 forecasts may be topped, making
the shares look Excelent Value. BUY.
I dont get SCSW as a subscriber
it was sent out free to me a few
months back and it made SDY a Buy then
and some good points were made.
Ill take extracts from the article,
dated FEB 2012 ithink it was recd on 5/2
SDY
* 300 tool/hire equipment depots in UK and
Ireland small hub in Middle East.
* These markets seem to be at a an earlier
stage of recovery than the US and as such
the shares must rateas more speculative (than AHT)
but Speedy has already said hire rates are going up
and we think the share price is past its nadir.
* Speedys recovery is benefiting from the
disposal of a business renting portable cabins
that used to be involved in tempoary accomadation
netting £33.4 m.
* Debt no longer casts a long shadow over
the shares.
* Company embarked on a process of Self help.
to raise profits irrespective of the market
backdrop.
* The company hopes to double operating margins
in the medium term towards 15%.
* Singer is looking for EPS of 1.9p
for year ending 31 March and 2.9p and
4.2p for the following two years.
* Helped by the improvement in recent trading
those latter 2 forecasts may be topped, making
the shares look Excelent Value. BUY.
skinny
- 17 Apr 2012 16:10
- 29 of 244
GF - I've had a dabble today.
skinny
- 18 Apr 2012 07:02
- 30 of 244
Trading update - Self-help delivering results
Trading
The business continues to implement its strategy of focussing on the private and regulated markets in infrastructure, particularly the areas of water, waste, energy and transport, where we see good long term sustainable growth. We remain committed to securing high quality work from key clients with attractive pricing and yield dynamics in order to improve margins and return on capital.
We have continued our focus on self help measures to mitigate the effects of what remains a challenging market environment, with further progress made in the reconfiguration of the network, to drive improvements in operational efficiency, customer service and product availability.
Underlying* Group revenues in the fourth quarter to 31 March were up 4.5% against the prior year, resulting in a full year underlying* revenue increase of 5.0%. We expect to report PBT in line with the Board's expectations for the year just ended.
Financial position
Speedy's balance sheet has continued to strengthen during the second half of the year. Net debt has reduced from £113.9m at 31 March 2011 to approximately £76.3m, a reduction of some 33%.
The debt reduction reflects a continuing focus on prudent cash management, along with inflows from the disposal of the accommodation business, offset by a year on year increase in net hire fleet investment of circa £19m. Fleet investment has predominantly been focussed on the high utilisation product range and specialised fleet required to support the Group's core markets and customers.
Outlook
The Board remains confident of making further progress in the year ahead although we remain cautious about market conditions during the early part of FY2013. We expect the first half of the year to be impacted by one-off events including: the Olympics and Paralympics, which will result in trading restrictions and disruption to construction projects in the London area for a two month period; and the Queen's Diamond Jubilee celebrations, which will result in a reduction in trading days for the month of June, which is traditionally a holiday free period.
Nevertheless, with its strong balance sheet, secured funding and ever closer alignment to growth sectors and major customers, the Board considers Speedy well placed to take advantage of any improvements in trading conditions when they arise.
Trading
The business continues to implement its strategy of focussing on the private and regulated markets in infrastructure, particularly the areas of water, waste, energy and transport, where we see good long term sustainable growth. We remain committed to securing high quality work from key clients with attractive pricing and yield dynamics in order to improve margins and return on capital.
We have continued our focus on self help measures to mitigate the effects of what remains a challenging market environment, with further progress made in the reconfiguration of the network, to drive improvements in operational efficiency, customer service and product availability.
Underlying* Group revenues in the fourth quarter to 31 March were up 4.5% against the prior year, resulting in a full year underlying* revenue increase of 5.0%. We expect to report PBT in line with the Board's expectations for the year just ended.
Financial position
Speedy's balance sheet has continued to strengthen during the second half of the year. Net debt has reduced from £113.9m at 31 March 2011 to approximately £76.3m, a reduction of some 33%.
The debt reduction reflects a continuing focus on prudent cash management, along with inflows from the disposal of the accommodation business, offset by a year on year increase in net hire fleet investment of circa £19m. Fleet investment has predominantly been focussed on the high utilisation product range and specialised fleet required to support the Group's core markets and customers.
Outlook
The Board remains confident of making further progress in the year ahead although we remain cautious about market conditions during the early part of FY2013. We expect the first half of the year to be impacted by one-off events including: the Olympics and Paralympics, which will result in trading restrictions and disruption to construction projects in the London area for a two month period; and the Queen's Diamond Jubilee celebrations, which will result in a reduction in trading days for the month of June, which is traditionally a holiday free period.
Nevertheless, with its strong balance sheet, secured funding and ever closer alignment to growth sectors and major customers, the Board considers Speedy well placed to take advantage of any improvements in trading conditions when they arise.
goldfinger
- 18 Apr 2012 07:27
- 31 of 244
SDY SPEEDY HIRE
SOLID INLINE RESULTS TO BE REPORTED
for the year.
Couldnt ask for anymore than that brilliant...
Trading update - Self-help delivering results
RNS
RNS Number : 5397B
Speedy Hire PLC
18 April 2012
18 April 2012
Speedy Hire Plc
('Speedy', 'the Company' or 'the Group')
Year end trading update - Self-help delivering results
Speedy Hire Plc, the UK's largest provider of tools and equipment for hire, is today releasing a trading update in advance of the publication on 16 May 2012 of its preliminary results for the year ended 31 March 2012.
Trading
The business continues to implement its strategy of focussing on the private and regulated markets in infrastructure, particularly the areas of water, waste, energy and transport, where we see good long term sustainable growth. We remain committed to securing high quality work from key clients with attractive pricing and yield dynamics in order to improve margins and return on capital.
We have continued our focus on self help measures to mitigate the effects of what remains a challenging market environment, with further progress made in the reconfiguration of the network, to drive improvements in operational efficiency, customer service and product availability.
Underlying* Group revenues in the fourth quarter to 31 March were up 4.5% against the prior year, resulting in a full year underlying* revenue increase of 5.0%. We expect to report PBT in line with the Board's expectations for the year just ended.
Financial position
Speedy's balance sheet has continued to strengthen during the second half of the year. Net debt has reduced from £113.9m at 31 March 2011 to approximately £76.3m, a reduction of some 33%.
The debt reduction reflects a continuing focus on prudent cash management, along with inflows from the disposal of the accommodation business, offset by a year on year increase in net hire fleet investment of circa £19m. Fleet investment has predominantly been focussed on the high utilisation product range and specialised fleet required to support the Group's core markets and customers.
Outlook
The Board remains confident of making further progress in the year ahead although we remain cautious about market conditions during the early part of FY2013. We expect the first half of the year to be impacted by one-off events including: the Olympics and Paralympics, which will result in trading restrictions and disruption to construction projects in the London area for a two month period; and the Queen's Diamond Jubilee celebrations, which will result in a reduction in trading days for the month of June, which is traditionally a holiday free period.
Nevertheless, with its strong balance sheet, secured funding and ever closer alignment to growth sectors and major customers, the Board considers Speedy well placed to take advantage of any improvements in trading conditions when they arise.
*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.
For further information:
Speedy Hire Plc
Hudson Sandler
Steve Corcoran, Chief Executive
Lynn Krige, Group Finance Director
Tel: 01942 720000
SOLID INLINE RESULTS TO BE REPORTED
for the year.
Couldnt ask for anymore than that brilliant...
Trading update - Self-help delivering results
RNS
RNS Number : 5397B
Speedy Hire PLC
18 April 2012
18 April 2012
Speedy Hire Plc
('Speedy', 'the Company' or 'the Group')
Year end trading update - Self-help delivering results
Speedy Hire Plc, the UK's largest provider of tools and equipment for hire, is today releasing a trading update in advance of the publication on 16 May 2012 of its preliminary results for the year ended 31 March 2012.
Trading
The business continues to implement its strategy of focussing on the private and regulated markets in infrastructure, particularly the areas of water, waste, energy and transport, where we see good long term sustainable growth. We remain committed to securing high quality work from key clients with attractive pricing and yield dynamics in order to improve margins and return on capital.
We have continued our focus on self help measures to mitigate the effects of what remains a challenging market environment, with further progress made in the reconfiguration of the network, to drive improvements in operational efficiency, customer service and product availability.
Underlying* Group revenues in the fourth quarter to 31 March were up 4.5% against the prior year, resulting in a full year underlying* revenue increase of 5.0%. We expect to report PBT in line with the Board's expectations for the year just ended.
Financial position
Speedy's balance sheet has continued to strengthen during the second half of the year. Net debt has reduced from £113.9m at 31 March 2011 to approximately £76.3m, a reduction of some 33%.
The debt reduction reflects a continuing focus on prudent cash management, along with inflows from the disposal of the accommodation business, offset by a year on year increase in net hire fleet investment of circa £19m. Fleet investment has predominantly been focussed on the high utilisation product range and specialised fleet required to support the Group's core markets and customers.
Outlook
The Board remains confident of making further progress in the year ahead although we remain cautious about market conditions during the early part of FY2013. We expect the first half of the year to be impacted by one-off events including: the Olympics and Paralympics, which will result in trading restrictions and disruption to construction projects in the London area for a two month period; and the Queen's Diamond Jubilee celebrations, which will result in a reduction in trading days for the month of June, which is traditionally a holiday free period.
Nevertheless, with its strong balance sheet, secured funding and ever closer alignment to growth sectors and major customers, the Board considers Speedy well placed to take advantage of any improvements in trading conditions when they arise.
*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.
For further information:
Speedy Hire Plc
Hudson Sandler
Steve Corcoran, Chief Executive
Lynn Krige, Group Finance Director
Tel: 01942 720000
goldfinger
- 18 Apr 2012 07:30
- 32 of 244
Mornining Skinny glad to have you on board.
I like the managements way of warning around the Olympics of reduced work activity. Responsible management in my view.
Should see a lot more managements doing this going forward.
I like the managements way of warning around the Olympics of reduced work activity. Responsible management in my view.
Should see a lot more managements doing this going forward.
goldfinger
- 18 Apr 2012 07:59
- 33 of 244
BRIEF-Speedy Hire sees annual revenues up 5 pct
18 Apr 2012 - 07:09
LONDON, April 18 (Reuters) - Speedy Hire PLC :
* Underlying* group revenues in the fourth quarter to 31 March were up 4.5%
against the prior year
* Full year underlying* revenue increase of 5.0%
* Expect to report pbt in line with the board's expectations for the year just
ended
* First half of the year to be impacted by one-off events including: the
olympics and paralympics
((London Equities Newsroom; +44 20 7542 7717))
((For more news, please click here [SDY.L]))
18 Apr 2012 - 07:09
LONDON, April 18 (Reuters) - Speedy Hire PLC :
* Underlying* group revenues in the fourth quarter to 31 March were up 4.5%
against the prior year
* Full year underlying* revenue increase of 5.0%
* Expect to report pbt in line with the board's expectations for the year just
ended
* First half of the year to be impacted by one-off events including: the
olympics and paralympics
((London Equities Newsroom; +44 20 7542 7717))
((For more news, please click here [SDY.L]))
goldfinger
- 18 Apr 2012 09:16
- 34 of 244
Dow Jones Smallcaps @DJ_UK_Smallcaps
Details Speedy Hire expects to report a full-year pretax profit in line with the board's expectations.
http://on.wsj.com/Jbn5V9
Details Speedy Hire expects to report a full-year pretax profit in line with the board's expectations.
http://on.wsj.com/Jbn5V9
goldfinger
- 19 Apr 2012 08:48
- 35 of 244
SDY SPEEDY HIRE
Those updated broker briefs from
yesterday in no paticular order...
Date Company Name EPIC Broker Recommendation Price Old target price New target price
18 Apr Speedy Hire PLC SDY Canaccord Genuity Buy 27.75 40.00 36.00
18 Apr Speedy Hire PLC SDY Peel Hunt Hold 27.75 30.00 30.00
18 Apr Speedy Hire PLC SDY Panmure Gordon Buy 27.75 50.00 50.00
18 Apr Speedy Hire PLC SDY Oriel Securities Add 27.75 - 25.00
18 Apr Speedy Hire PLC SDY N+1 Brewin Buy 27.75 46.00 46.00
18 Apr Speedy Hire PLC SDY Investec Buy 27.75 36.00 36.00
Those updated broker briefs from
yesterday in no paticular order...
Date Company Name EPIC Broker Recommendation Price Old target price New target price
18 Apr Speedy Hire PLC SDY Canaccord Genuity Buy 27.75 40.00 36.00
18 Apr Speedy Hire PLC SDY Peel Hunt Hold 27.75 30.00 30.00
18 Apr Speedy Hire PLC SDY Panmure Gordon Buy 27.75 50.00 50.00
18 Apr Speedy Hire PLC SDY Oriel Securities Add 27.75 - 25.00
18 Apr Speedy Hire PLC SDY N+1 Brewin Buy 27.75 46.00 46.00
18 Apr Speedy Hire PLC SDY Investec Buy 27.75 36.00 36.00
goldfinger
- 26 Apr 2012 09:29
- 36 of 244
Found this interesting analyst comment
on SDY. Although a little dated it does
point out some positives to offset effect
of olympics etc.........
Analyst Comment by Mike Allen at Panmure Gordon
... added they believe the business is in increasingly better shape. Analysts Michael Parkinson and James Woodrow, of Brewin Dolphin, said they believed there are enough positives to offset the impact of the Olympics and Jubilee for Speedy, in particular its Middle East operations moving into the black this year as well as UK price increases, procurement efficiencies and improved profits from its reconfiguration of depots. Shares in Speedy fell 1.38 per cent or 0.37p to 26.38p after the update. Full year results are due on Wednesday, May 16. Speedy, led by chief executive Steve Corcoran, said it had made further progress to drive improvements in its operational efficiency, customer service and product availability, and to implement its strategy of focusing on the private and regulated markets in infrastructure – especially water, waste, energy and transport – where it sees long term, sustainable growth
on SDY. Although a little dated it does
point out some positives to offset effect
of olympics etc.........
Analyst Comment by Mike Allen at Panmure Gordon
... added they believe the business is in increasingly better shape. Analysts Michael Parkinson and James Woodrow, of Brewin Dolphin, said they believed there are enough positives to offset the impact of the Olympics and Jubilee for Speedy, in particular its Middle East operations moving into the black this year as well as UK price increases, procurement efficiencies and improved profits from its reconfiguration of depots. Shares in Speedy fell 1.38 per cent or 0.37p to 26.38p after the update. Full year results are due on Wednesday, May 16. Speedy, led by chief executive Steve Corcoran, said it had made further progress to drive improvements in its operational efficiency, customer service and product availability, and to implement its strategy of focusing on the private and regulated markets in infrastructure – especially water, waste, energy and transport – where it sees long term, sustainable growth
mamborico - 16 May 2012 09:52 - 37 of 244
Turning the corner on profits and debt, but not on the share price 25.25p
Improved profits for Speedy Hire
Speedy Hire achieved a profit before tax of £12.4m for the full financial year (2011: loss of £0.7m), with £7.6m in the second half-year building on the £4.8m for the first half-year. Underlying Group revenue (excluding revenue from the disposed accommodation hire operation and the expired Network Rail contract) for the year was £326.4m (2011: £313.0m), showed an increase of 4.3% (whilst unadjusted revenue of £329.3m was down 7.0% (2011: £354.2m)).
Gross margin improved to 67.1% (2011: 61.3%). EBITA (before exceptional costs) increased to £19.6m (2011: £8.3m) with net cash flow generated from operating activities amounting to £17.7m in the year (2011: £12.3m).
Net debt has fallen from £113.9m at the beginning of the year to £76.3m at 31 March 2012, a 33% decrease. These results are a welcome vindication of our disciplined approach to stabilising the business, setting it on the path to recovery and positioning it for the future.
The sale of our accommodation hire operation was completed in April 2011, removing a significant loss-maker from the Group.
Improved profits for Speedy Hire
Speedy Hire achieved a profit before tax of £12.4m for the full financial year (2011: loss of £0.7m), with £7.6m in the second half-year building on the £4.8m for the first half-year. Underlying Group revenue (excluding revenue from the disposed accommodation hire operation and the expired Network Rail contract) for the year was £326.4m (2011: £313.0m), showed an increase of 4.3% (whilst unadjusted revenue of £329.3m was down 7.0% (2011: £354.2m)).
Gross margin improved to 67.1% (2011: 61.3%). EBITA (before exceptional costs) increased to £19.6m (2011: £8.3m) with net cash flow generated from operating activities amounting to £17.7m in the year (2011: £12.3m).
Net debt has fallen from £113.9m at the beginning of the year to £76.3m at 31 March 2012, a 33% decrease. These results are a welcome vindication of our disciplined approach to stabilising the business, setting it on the path to recovery and positioning it for the future.
The sale of our accommodation hire operation was completed in April 2011, removing a significant loss-maker from the Group.
goldfinger
- 10 Sep 2012 19:06
- 38 of 244
Seen all the negatives here. ????????????
Gone cold on this.
Gone cold on this.
menorca1 - 01 Mar 2013 16:18 - 39 of 244
One to watch
41.875 ( 41.75 / 42p )
Ready to move forward after recent retracement. The contruction business has been strong on recent results and Speedy Hire is well involve on this operations. The TA is signailing such a move, it could do with some volume now.
;SlowSTO(8,3,3);&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
41.875 ( 41.75 / 42p )
Ready to move forward after recent retracement. The contruction business has been strong on recent results and Speedy Hire is well involve on this operations. The TA is signailing such a move, it could do with some volume now.
menorca1 - 05 Mar 2013 09:31 - 40 of 244
43.375p +1.375p
The good results from AHT is catching up with the share price on Speedy Hire, they are on the same type of business
The good results from AHT is catching up with the share price on Speedy Hire, they are on the same type of business
menorca1 - 06 Mar 2013 14:56 - 41 of 244
44.875p +1.625p
another good move up today and looking for a BREAKOUT soon
another good move up today and looking for a BREAKOUT soon
menorca1 - 08 Mar 2013 09:49 - 42 of 244
Has got stucked at this price as the volume has not been high enough to break the 45p
menorca1 - 08 Mar 2013 12:00 - 43 of 244
it seems volume is growing now ( is already above overage for a day red line) that is what we need for a BREAKOUT that as the share price has increased is not far away from the Intraday high 46p as an "AT"
;&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
menorca1 - 11 Mar 2013 11:49 - 44 of 244
45.625p ( 45.50 / 45.75p ) +0.125p
a delayed trade for 160K @ 8:27am had paid 46.08p a good premium at the time
a delayed trade for 160K @ 8:27am had paid 46.08p a good premium at the time
menorca1 - 14 Mar 2013 11:35 - 45 of 244
BREAKOUT
46.50p +1.50p
Expected to be with volume, yesterday there was not much but today has increased and done the job.
46.50p +1.50p
Expected to be with volume, yesterday there was not much but today has increased and done the job.
goldfinger
- 27 Mar 2013 08:44
- 46 of 244
Contract win this morning.....
Expecting broker upgrades over next 48 hours..
Date Company Name Broker Rec. Price Old target price New target price Notes
14 Mar 13 Speedy Hire PLC Canaccord Genuity Buy 45.75 39.00 55.00 Reiterates
05 Mar 13 Speedy Hire PLC Goldman Sachs Neutral 45.75 34.50 39.00 Retains
13 Feb 13 Speedy Hire PLC Investec Buy 45.75 36.00 50.00 Reiterates
13 Feb 13 Speedy Hire PLC Oriel Securities Add 45.75 31.00 31.00 Retains
29 Jan 13 Speedy Hire PLC Panmure Gordon Buy 45.75 50.00 50.00 Reiterates
Expecting broker upgrades over next 48 hours..
Date Company Name Broker Rec. Price Old target price New target price Notes
14 Mar 13 Speedy Hire PLC Canaccord Genuity Buy 45.75 39.00 55.00 Reiterates
05 Mar 13 Speedy Hire PLC Goldman Sachs Neutral 45.75 34.50 39.00 Retains
13 Feb 13 Speedy Hire PLC Investec Buy 45.75 36.00 50.00 Reiterates
13 Feb 13 Speedy Hire PLC Oriel Securities Add 45.75 31.00 31.00 Retains
29 Jan 13 Speedy Hire PLC Panmure Gordon Buy 45.75 50.00 50.00 Reiterates
goldfinger
- 27 Mar 2013 09:16
- 47 of 244
First one out.....
27 Mar Speedy Hire PLC SDY Shore Capital Buy 46.00 44.50 - - Reiterates
27 Mar Speedy Hire PLC SDY Shore Capital Buy 46.00 44.50 - - Reiterates
goldfinger
- 28 Mar 2013 15:47
- 48 of 244
Looks ready to nudge up again today.
skinny
- 17 Apr 2013 07:08
- 49 of 244
Year End Trading Update - Delivering on a Consistent Strategy
Speedy Hire Plc, the UK's largest provider of tools and equipment for hire and associated services, with a growing presence supporting its customers in the Middle East, is today releasing a trading update in advance of the publication of its preliminary results for the year ended 31 March 2013, on 15 May 2013.
Trading
The Board's strategy remains focused on generating high quality, secure, long-term and transparent earnings across the Group. During the financial year ended 31 March 2013, Speedy strengthened its position as the market leader in rental services for large volume users and notably secured significant new contract wins with National Grid, in the UK, and ZADCO, in the Middle East. In addition to the quality and visibility of the revenue secured, the new contracts involve the provision of end-to-end managed services as opposed to purely transactional volume hire.
Underlying* Group revenues in the fourth quarter to 31 March were up 0.2% against the prior year (UK&I down 2.2%, International up 55%), resulting in a full year underlying* revenue increase of 3.7% (UK&I up 1.1%, International up 61%).
Within the UK market environment, which remains challenging, the Group has continued to target specific sectors and customers that generate profitable work at attractive margins for the Group, as opposed to solely pursuing top line growth. Coupled with a sustained focus on self-help measures, further progress has been made in reconfiguring the depot network and improvements in operational efficiency. As such, we expect to report PBT marginally ahead of the Board's previous expectations for the year ended 31 March 2013.
Financial position
Speedy's continued investment in its fleet has allowed it to support major customers in important long-term contracts that deliver visible revenues whilst maintaining its position as the market leader in terms of the quality and breadth of its product offering.
Net investment in hire fleet during the year was approximately £39m which has continued to be funded through cash generation and a disciplined approach to working capital. Net debt at 31 March 2013 was £72.4m (31 March 2012: £76.3m).
Outlook
Although we retain an element of caution regarding likely market conditions in the financial year to 31 March 2014, the Board remains confident of the Group making further progress and being well placed to take advantage of improvements in trading conditions as and when they arise.
*excluding the disposed accommodation business and before planned disposals of hire fleet
Speedy Hire Plc, the UK's largest provider of tools and equipment for hire and associated services, with a growing presence supporting its customers in the Middle East, is today releasing a trading update in advance of the publication of its preliminary results for the year ended 31 March 2013, on 15 May 2013.
Trading
The Board's strategy remains focused on generating high quality, secure, long-term and transparent earnings across the Group. During the financial year ended 31 March 2013, Speedy strengthened its position as the market leader in rental services for large volume users and notably secured significant new contract wins with National Grid, in the UK, and ZADCO, in the Middle East. In addition to the quality and visibility of the revenue secured, the new contracts involve the provision of end-to-end managed services as opposed to purely transactional volume hire.
Underlying* Group revenues in the fourth quarter to 31 March were up 0.2% against the prior year (UK&I down 2.2%, International up 55%), resulting in a full year underlying* revenue increase of 3.7% (UK&I up 1.1%, International up 61%).
Within the UK market environment, which remains challenging, the Group has continued to target specific sectors and customers that generate profitable work at attractive margins for the Group, as opposed to solely pursuing top line growth. Coupled with a sustained focus on self-help measures, further progress has been made in reconfiguring the depot network and improvements in operational efficiency. As such, we expect to report PBT marginally ahead of the Board's previous expectations for the year ended 31 March 2013.
Financial position
Speedy's continued investment in its fleet has allowed it to support major customers in important long-term contracts that deliver visible revenues whilst maintaining its position as the market leader in terms of the quality and breadth of its product offering.
Net investment in hire fleet during the year was approximately £39m which has continued to be funded through cash generation and a disciplined approach to working capital. Net debt at 31 March 2013 was £72.4m (31 March 2012: £76.3m).
Outlook
Although we retain an element of caution regarding likely market conditions in the financial year to 31 March 2014, the Board remains confident of the Group making further progress and being well placed to take advantage of improvements in trading conditions as and when they arise.
*excluding the disposed accommodation business and before planned disposals of hire fleet
goldfinger
- 10 May 2013 10:37
- 50 of 244
Gone long here. A lot of BUY volume going into stock, results middle of next week chart still in uptrend SP hugging 50 day ema.
goldfinger
- 10 May 2013 11:03
- 51 of 244
A lot of BUY volume going into
this one today, prelims MAY 15th
next week wednesday.
Brokers seem bullish on the stock....
Date Company Name Broker Rec. Price Old target price New target price Notes
17 Apr 13 Speedy Hire PLC Canaccord Genuity Buy 47.63 55.00 55.00 Reiterates
17 Apr 13 Speedy Hire PLC Shore Capital Buy 47.63 - - Retains
17 Apr 13 Speedy Hire PLC Investec Buy 47.63 65.00 65.00 Reiterates
04 Apr 13 Speedy Hire PLC Goldman Sachs Neutral 47.63 39.00 50.00 Retains
this one today, prelims MAY 15th
next week wednesday.
Brokers seem bullish on the stock....
Date Company Name Broker Rec. Price Old target price New target price Notes
17 Apr 13 Speedy Hire PLC Canaccord Genuity Buy 47.63 55.00 55.00 Reiterates
17 Apr 13 Speedy Hire PLC Shore Capital Buy 47.63 - - Retains
17 Apr 13 Speedy Hire PLC Investec Buy 47.63 65.00 65.00 Reiterates
04 Apr 13 Speedy Hire PLC Goldman Sachs Neutral 47.63 39.00 50.00 Retains
goldfinger
- 15 May 2013 08:16
- 53 of 244
Excelent results......
Solid outlook......
Outlook
Our strategy and actions have been instrumental in generating this year's momentum and have laid the foundations for future growth. Given the uncertainty in the economy we will continue with our disciplined approach to investment and the cost base to ensure that we are well placed for the future.
Our market-leading position and strong cash flow have positioned the Group to take full advantage of any market upturn and although there is still uncertainty in the economy, and the UK construction sector in particular, we are confident that the actions we have taken have increased our resilience and given us a solid platform upon which to build.
Solid outlook......
Outlook
Our strategy and actions have been instrumental in generating this year's momentum and have laid the foundations for future growth. Given the uncertainty in the economy we will continue with our disciplined approach to investment and the cost base to ensure that we are well placed for the future.
Our market-leading position and strong cash flow have positioned the Group to take full advantage of any market upturn and although there is still uncertainty in the economy, and the UK construction sector in particular, we are confident that the actions we have taken have increased our resilience and given us a solid platform upon which to build.
goldfinger
- 15 May 2013 08:25
- 54 of 244
BRIEF-Speedy Hire - FY adjusted pretax profit up 35.5 pct to 16.8 mln stg15 May 2013 - 07:20
LONDON, May 15 (Reuters) - Speedy Hire PLC : * 35.5 pct increase in adjusted pretax profit to 16.8 mln stg (2012: 12.4 mln stg) * FY revenue rose 4.3 percent to 340.4 million STG * Source text ID: [ID:nRSbPLpjN] ((London Equities Newsroom; +44 20 7542 7717)) ((For more news, please click here [SDY.L]))
LONDON, May 15 (Reuters) - Speedy Hire PLC : * 35.5 pct increase in adjusted pretax profit to 16.8 mln stg (2012: 12.4 mln stg) * FY revenue rose 4.3 percent to 340.4 million STG * Source text ID: [ID:nRSbPLpjN] ((London Equities Newsroom; +44 20 7542 7717)) ((For more news, please click here [SDY.L]))
doodlebug4 - 21 May 2013 09:50 - 55 of 244
Just bought a few of these - great results last week and a promising outlook.
doodlebug4 - 21 May 2013 15:15 - 56 of 244
Building up some steam here. Investec target price of 65p looks to be achieveable soon.
doodlebug4 - 21 May 2013 16:49 - 57 of 244
Mind the gap!
doodlebug4 - 22 May 2013 09:27 - 58 of 244
Needs to hold this latest move up now, then 75p is the next target.
goldfinger
- 22 May 2013 09:32
- 59 of 244
Stonker of a TA position building up here.
Not far now to go to that gap outlined on
the chart.
Once we get through the intiasl resistance
120p SP possible and in Quick Time....
Not far now to go to that gap outlined on
the chart.
Once we get through the intiasl resistance
120p SP possible and in Quick Time....
midknight
- 22 May 2013 10:26
- 60 of 244
Looking good. 0,31p divi xd 12 June.The yield may not
be impressive at the moment but the cover at 3.25 is - not bad.
I remember this one from its Allen days. Did well out of it.
Good time to return, I think.
be impressive at the moment but the cover at 3.25 is - not bad.
I remember this one from its Allen days. Did well out of it.
Good time to return, I think.
goldfinger
- 22 May 2013 10:50
- 61 of 244
Yep spot on.
Plenty of talk of M&A activity in this sector world wide.
Plenty of talk of M&A activity in this sector world wide.
goldfinger
- 22 May 2013 10:50
- 62 of 244
Some big buys went through at 9.45am.
doodlebug4 - 22 May 2013 13:34 - 63 of 244
Another 1million buy just after mid-day.
goldfinger
- 22 May 2013 13:42
- 64 of 244
Yep where are they all coming from.
Some on twitter asking same question.
Some on twitter asking same question.
midknight
- 22 May 2013 14:40
- 65 of 244
Indeed, but the 'O' trades are more interesting than the AT trades.
Acer - 28 May 2013 10:50 - 66 of 244
Anybody able to put a chart in the header on this page? Would be a great help. thanks
doodlebug4 - 28 May 2013 11:31 - 67 of 244
I could be wrong Acer, but I think it's only the person who started the thread who can put a chart in the header. JRM - where are you? :-)
HARRYCAT
- 28 May 2013 11:51
- 68 of 244
You are correct db4. Here's one to be going on with.
;MA(50);MA(200)&IND=MACD(26,12,9)%7BU%7D;BBWidth(20,2)%7BU%7D&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
skinny
- 28 May 2013 11:56
- 69 of 244
I prefer this one :-
&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
midknight
- 28 May 2013 11:56
- 70 of 244
Thanks HC and skinny.
doodlebug4 - 28 May 2013 12:06 - 71 of 244
Thank you guys!
HARRYCAT
- 28 May 2013 12:36
- 72 of 244
Skinny, is there any time frame as far as chartists and gaps are concerned? That gap is 4 years old. Am holding and hoping.........
skinny
- 28 May 2013 12:39
- 73 of 244
Not as far as I know - but I'm a novice chartist really.
For me, its yet another (and interesting) play on the construction industry - albeit at the smaller end of the market.
For me, its yet another (and interesting) play on the construction industry - albeit at the smaller end of the market.
Acer - 28 May 2013 12:49 - 74 of 244
Thanks so much Harry and Skinny for charts,
Brilliant.
Brilliant.
doodlebug4 - 28 May 2013 13:01 - 75 of 244
A nice big gap HARRY - even if it is 4 years old! Look at what has happened with TCG for example, I know it's a completely different sector, but it can be done.
Brigg - 04 Jun 2013 15:32 - 76 of 244
Is 65p - 70p a possibility / reality ? After today's drop to 55p.
doodlebug4 - 05 Jun 2013 10:38 - 77 of 244
Brigg, it could drop back a little further, it needs more volume to bounce back up. jmop
HARRYCAT
- 06 Jun 2013 11:14
- 78 of 244
Speedy Hire PLC (0.31 p) ex-divi next wed (12th June).
Acer - 07 Jun 2013 10:17 - 79 of 244
steady consolidation till after the divi I expect, but looking quite strong.
doodlebug4 - 08 Jun 2013 09:20 - 80 of 244
Updated chart analysis by fingers (SDY thread) on another bulletin board makes interesting reading.
Acer - 08 Jun 2013 10:09 - 81 of 244
Yes, saw that D4, he seems very +ve on SDY.
Wish he had come over to here rather than turning Blue!! Would be good if a few others came over.
Wish he had come over to here rather than turning Blue!! Would be good if a few others came over.
doodlebug4 - 08 Jun 2013 11:23 - 82 of 244
I agree Acer, there are so many nutters on that board and admin. seem to be either incapable or unwilling to do anything about it.
skinny
- 11 Jun 2013 09:02
- 83 of 244
Ex dividend this Wednesday 0.31P
Acer - 11 Jun 2013 09:51 - 84 of 244
Fingers done an update at 'another place'
How much is it expected to drop ex Div?
How much is it expected to drop ex Div?
HARRYCAT
- 11 Jun 2013 09:54
- 85 of 244
.
doodlebug4 - 11 Jun 2013 11:14 - 86 of 244
I can't predict how much it will drop x div tomorrow Acer, it's dropping already in these choppy markets!
mondy - 11 Jun 2013 12:15 - 87 of 244
re - How much is it expected to drop ex Div?
tomorrow is the day to go EX for 0.31p divi
expect at opening 0.25p down
tomorrow is the day to go EX for 0.31p divi
expect at opening 0.25p down
Acer - 11 Jun 2013 13:39 - 88 of 244
Thanks Mondy, is there formula for working out xd price?
doodlebug4 - 12 Jun 2013 08:03 - 89 of 244
Speedy Hire Plc
12 June 2013
Annual Report & Accounts 2013 and Notice of Annual General Meeting
Speedy Hire Plc (the "Company") announces that its Annual General Meeting will be held at 10.00am on Thursday 18 July 2013 at Addleshaw Goddard LLP, 100 Barbirolli Square, Manchester, M2 3AB.
In connection with this, the following documents have been posted to shareholders:
· Annual Report and Accounts for the year ended 31 March 2013 ("Annual Report");
· Notice of Annual General Meeting; and
· Proxy Form.
Copies of the above documents have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/nsm
Copies of the Annual Report and Notice of Annual General Meeting will be available to view on the Company's website at www.speedyhire.plc.uk from today.
12 June 2013
Annual Report & Accounts 2013 and Notice of Annual General Meeting
Speedy Hire Plc (the "Company") announces that its Annual General Meeting will be held at 10.00am on Thursday 18 July 2013 at Addleshaw Goddard LLP, 100 Barbirolli Square, Manchester, M2 3AB.
In connection with this, the following documents have been posted to shareholders:
· Annual Report and Accounts for the year ended 31 March 2013 ("Annual Report");
· Notice of Annual General Meeting; and
· Proxy Form.
Copies of the above documents have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/nsm
Copies of the Annual Report and Notice of Annual General Meeting will be available to view on the Company's website at www.speedyhire.plc.uk from today.
doodlebug4 - 12 Jun 2013 08:17 - 90 of 244
Financial Highlights
• 35.5% increase in adjusted profit before tax# to £16.8m (2012: £12.4m)
• Second half-year adjusted profit before tax# of £10.2m, increased from £6.6m in the first-half
• Underlying* revenue increased by 4.3% to £340.4m (2012: £326.4m)
• EBITA# up 24.5% to £24.4m (2012: £19.6m); EBITA margin improving to 7.2% (2012: 6.0%)
• Profit before tax (post amortisation and exceptional items) of £12.8m (2012: £3.2m)
• Continued steady progress on ROCE; increased to 7.9% (2012: 6.0%)
• Net debt reduced to £72.4m (2012: £76.3m); net debt/EBITDA improved to 0.99x (2012: 1.21x)
• Investment in the hire fleet continues with net book value increasing to £214.5m (2012: £210.3m), whilst continuing to reduce net debt
• Final dividend proposed of 0.31 pence per share (2012: 0.26 pence per share) resulting in an increase of 15.2% in the total dividend per share
* Excluding the accommodation operation disposed of in April 2011.
# Before amortisation and exceptional items.
Trading and Operational Highlights
• Revenues from non-construction activity now account for over 50% of group income
• Well positioned and growing revenue in our target infrastructure and industrial markets
• Focus on key clients and significant contracts delivering outperformance of UK construction market
• Further strong growth and profitable trading in International Asset Services – progress with ZADCO underpins visibility of future revenue
• Focused drive to control costs, strengthen the revenue base and maximise cash generation instrumental in the return to profitability
• Consolidation of the UK’s property network continues with 6 additional superstores opened in the year
Commenting on the results, Ishbel Macpherson, Chairman, said:
“These results illustrate the impact that proactive management action over the last few years has had on Speedy’s business. Our focus on the right customers, in the right markets and on the right type of work has enabled the Group not only to grow revenue, but to do so at improved margins and levels of profitability, whilst improving cash flow and our ROCE.
Although there is still more to do, the continuing focus on quality and service throughout the Group through a range of self-help measures is differentiating our business in both the UK and international markets and underpins the transformation of Speedy from a hire to a service company.
We are confident that, in an environment of on-going economic headwinds, the actions that we have taken have increased our resilience and given us a solid platform upon which to build in the future, particularly when market conditions begin to improve.”
• 35.5% increase in adjusted profit before tax# to £16.8m (2012: £12.4m)
• Second half-year adjusted profit before tax# of £10.2m, increased from £6.6m in the first-half
• Underlying* revenue increased by 4.3% to £340.4m (2012: £326.4m)
• EBITA# up 24.5% to £24.4m (2012: £19.6m); EBITA margin improving to 7.2% (2012: 6.0%)
• Profit before tax (post amortisation and exceptional items) of £12.8m (2012: £3.2m)
• Continued steady progress on ROCE; increased to 7.9% (2012: 6.0%)
• Net debt reduced to £72.4m (2012: £76.3m); net debt/EBITDA improved to 0.99x (2012: 1.21x)
• Investment in the hire fleet continues with net book value increasing to £214.5m (2012: £210.3m), whilst continuing to reduce net debt
• Final dividend proposed of 0.31 pence per share (2012: 0.26 pence per share) resulting in an increase of 15.2% in the total dividend per share
* Excluding the accommodation operation disposed of in April 2011.
# Before amortisation and exceptional items.
Trading and Operational Highlights
• Revenues from non-construction activity now account for over 50% of group income
• Well positioned and growing revenue in our target infrastructure and industrial markets
• Focus on key clients and significant contracts delivering outperformance of UK construction market
• Further strong growth and profitable trading in International Asset Services – progress with ZADCO underpins visibility of future revenue
• Focused drive to control costs, strengthen the revenue base and maximise cash generation instrumental in the return to profitability
• Consolidation of the UK’s property network continues with 6 additional superstores opened in the year
Commenting on the results, Ishbel Macpherson, Chairman, said:
“These results illustrate the impact that proactive management action over the last few years has had on Speedy’s business. Our focus on the right customers, in the right markets and on the right type of work has enabled the Group not only to grow revenue, but to do so at improved margins and levels of profitability, whilst improving cash flow and our ROCE.
Although there is still more to do, the continuing focus on quality and service throughout the Group through a range of self-help measures is differentiating our business in both the UK and international markets and underpins the transformation of Speedy from a hire to a service company.
We are confident that, in an environment of on-going economic headwinds, the actions that we have taken have increased our resilience and given us a solid platform upon which to build in the future, particularly when market conditions begin to improve.”
Acer - 13 Jun 2013 19:58 - 91 of 244
Chart looking negative after what looked strong and positive results. Waiting to buy more.
doodlebug4 - 13 Jun 2013 20:45 - 92 of 244
Another update on the chart from fingers (fxd thread), Acer. The results did look very positive and the share price was on a roll until the markets started going pear shaped on 29th May. This will bounce back and sometimes the harder the fall, the bigger the bounce. I'm happy to hold my quota on a slight loss and wait for the bounce.
HARRYCAT
- 13 Jun 2013 20:48
- 93 of 244
Exactly. Whole market is down, so no cause for alarm atm, imo.
doodlebug4 - 15 Jun 2013 13:26 - 94 of 244
MARKET REPORT: Dealers tool up on Speedy Hire
By Geoff Foster
PUBLISHED:22:06, 14 June 2013| UPDATED:22:06, 14 June 2013
Before turning their attentions to next week’s horse-racing extravaganza at Royal Ascot, a few professional punters tooled up with Speedy Hire amid whispers that a bid for the company in the short-term could be a fair bet.
They chased shares of the UK’s largest provider of tools and equipment for hire 1.5p or 3 per cent higher to 52.25p, which compares with the 52-week high of 62.675p.
Rumours did the rounds that a cash-rich private equity firm had approached one of Speedy’s major shareholders, either Schroders (13 per cent) or Standard Life (9.1 per cent), to name a price for its stake with the intention of then using it as a launch-pad for a full-scale offer.
Fair bet: Speedy Hire is the UK's largest provider of tools and equipment for hire
Speedy, currently valued at £269million, last month posted an encouraging set of annual results, showing adjusted pre-tax profits climbing 35 per cent to £16.8million on revenues 4.3 per cent higher at £340.4million.
Net debt has been reduced to £72.4million. That is a far cry from the dangerous level of £248million in 2009, when management were forced to hit shareholders with an 87 per cent heavily-discounted ‘rescue’ rights issue at 23p to get debt down to a much more manageable £148million.
The company is in much better shape now with revenues and profits boosted by ‘proactive management action’ over the past few years.
During the past year it secured significant new contract wins with National Grid and a five-year £32million asset management and services support contract from the Abu Dhabi National Oil Company.
Its international business, which takes in United Arab Emirates, Oman and Egypt, is apparently thriving, so if there is a predator sniffing around, it would come as no surprise if it was domiciled in the Middle East.
By Geoff Foster
PUBLISHED:22:06, 14 June 2013| UPDATED:22:06, 14 June 2013
Before turning their attentions to next week’s horse-racing extravaganza at Royal Ascot, a few professional punters tooled up with Speedy Hire amid whispers that a bid for the company in the short-term could be a fair bet.
They chased shares of the UK’s largest provider of tools and equipment for hire 1.5p or 3 per cent higher to 52.25p, which compares with the 52-week high of 62.675p.
Rumours did the rounds that a cash-rich private equity firm had approached one of Speedy’s major shareholders, either Schroders (13 per cent) or Standard Life (9.1 per cent), to name a price for its stake with the intention of then using it as a launch-pad for a full-scale offer.
Fair bet: Speedy Hire is the UK's largest provider of tools and equipment for hire
Speedy, currently valued at £269million, last month posted an encouraging set of annual results, showing adjusted pre-tax profits climbing 35 per cent to £16.8million on revenues 4.3 per cent higher at £340.4million.
Net debt has been reduced to £72.4million. That is a far cry from the dangerous level of £248million in 2009, when management were forced to hit shareholders with an 87 per cent heavily-discounted ‘rescue’ rights issue at 23p to get debt down to a much more manageable £148million.
The company is in much better shape now with revenues and profits boosted by ‘proactive management action’ over the past few years.
During the past year it secured significant new contract wins with National Grid and a five-year £32million asset management and services support contract from the Abu Dhabi National Oil Company.
Its international business, which takes in United Arab Emirates, Oman and Egypt, is apparently thriving, so if there is a predator sniffing around, it would come as no surprise if it was domiciled in the Middle East.
doodlebug4 - 15 Jun 2013 18:48 - 95 of 244
Nothing like a rumoured potential bid for a company to spice up the share price !
doodlebug4 - 20 Jun 2013 14:56 - 96 of 244
Looking strong so far today - AHT's great results providing some stimulus perhaps.
midknight
- 20 Jun 2013 15:07
- 97 of 244
AHT is always a good indicator to see which
way SDY might go, IMO.
way SDY might go, IMO.
doodlebug4 - 21 Jun 2013 11:29 - 98 of 244
Looking perky again this morning, hardly surprising considering the recent results.
skinny
- 21 Jun 2013 11:51
- 99 of 244
Here's hoping!
Acer - 21 Jun 2013 13:14 - 100 of 244
Interesting parallels!! Both heading in the right direction. Think my money is on SDY for best return.
doodlebug4 - 27 Jun 2013 14:40 - 101 of 244
Suddenly looking very perky again today - volumes have picked up.
HARRYCAT
- 27 Jun 2013 14:58
- 102 of 244
skinny
- 27 Jun 2013 15:02
- 103 of 244
Harry - change the size to 860 for a better representation of the candles.
doodlebug4 - 27 Jun 2013 15:03 - 104 of 244
Two large buys early this afternoon seem to have sparked things off.
HARRYCAT
- 27 Jun 2013 15:20
- 105 of 244
Your wish is my command, but size isn't everything, skinny! ;o)
skinny
- 27 Jun 2013 15:26
- 106 of 244
Thank heavens! :-)
HARRYCAT
- 08 Jul 2013 11:09
- 107 of 244
Any thoughts on SDY, skinny?
I presume you s/bettors would being going short any time now?
Trend is still up but other short term indicators would contradict that.
I presume you s/bettors would being going short any time now?
Trend is still up but other short term indicators would contradict that.
skinny
- 08 Jul 2013 11:19
- 108 of 244
I'm still long Harry.
Latest Broker note.
02 Jul 13 Speedy Hire PLC RBC Capital Markets Outperform 62.38 - 70.00 Initiates/Starts.
Latest Broker note.
02 Jul 13 Speedy Hire PLC RBC Capital Markets Outperform 62.38 - 70.00 Initiates/Starts.
skinny
- 18 Jul 2013 07:10
- 109 of 244
Interim Management Statement
At the Annual General Meeting to be held at 10.00 today, Ishbel Macpherson, Chairman, will give the following update on the Group's progress since the start of the current financial year.
"Despite continued challenges in the UK economy, performance in the first quarter was satisfactory. At a Group level, revenue for the 3 months to 30 June 2013 decreased by 0.8% on the same period last year.
In the UK and Ireland division, which constitutes 93% of Group revenues, the continued strategy of developing the services revenue, combined with focus on the growth sectors of water, waste, energy and transport, has underpinned a resilient performance considering the difficulties that remain in the general construction sector. Additionally, the National Grid contract started well. The prior year period was positively impacted by significant infrastructure spend ahead of the Olympics and, as a result, revenue decreased by 2.6% against the first quarter FY13.
The International division has seen an encouraging start to the year with revenues in the first quarter 30% ahead of the prior year period. This has been driven by continued growth in oil and gas projects and the ZADCO project progressing in line with our expectations. Speedy has a strong pipeline of further opportunities in our target sectors of oil and gas and government-funded infrastructure which provide the International division with a good platform from which to make further progress in FY14 and beyond.
Speedy has continued to drive through the benefits from its efficiency programmes within the property network, which, along with the logistics strategy, are building a solid platform for future growth. Strategic capex continues to be focussed on growth sectors and in support of key contracts.
The UK economy remains under pressure, but we continue to focus on specific UK sectors, grow our services offering, support our efficiency programmes and improve the scale and performance of the International division. The Group is trading in line with management expectations for the full year and the Board remains confident that it is well positioned for the future."
Future announcements
Speedy will issue its Interim Results for the 6 months ended 30 September 2013 on 12 November 2013 and will issue a Trading Update on 17 October 2013.
At the Annual General Meeting to be held at 10.00 today, Ishbel Macpherson, Chairman, will give the following update on the Group's progress since the start of the current financial year.
"Despite continued challenges in the UK economy, performance in the first quarter was satisfactory. At a Group level, revenue for the 3 months to 30 June 2013 decreased by 0.8% on the same period last year.
In the UK and Ireland division, which constitutes 93% of Group revenues, the continued strategy of developing the services revenue, combined with focus on the growth sectors of water, waste, energy and transport, has underpinned a resilient performance considering the difficulties that remain in the general construction sector. Additionally, the National Grid contract started well. The prior year period was positively impacted by significant infrastructure spend ahead of the Olympics and, as a result, revenue decreased by 2.6% against the first quarter FY13.
The International division has seen an encouraging start to the year with revenues in the first quarter 30% ahead of the prior year period. This has been driven by continued growth in oil and gas projects and the ZADCO project progressing in line with our expectations. Speedy has a strong pipeline of further opportunities in our target sectors of oil and gas and government-funded infrastructure which provide the International division with a good platform from which to make further progress in FY14 and beyond.
Speedy has continued to drive through the benefits from its efficiency programmes within the property network, which, along with the logistics strategy, are building a solid platform for future growth. Strategic capex continues to be focussed on growth sectors and in support of key contracts.
The UK economy remains under pressure, but we continue to focus on specific UK sectors, grow our services offering, support our efficiency programmes and improve the scale and performance of the International division. The Group is trading in line with management expectations for the full year and the Board remains confident that it is well positioned for the future."
Future announcements
Speedy will issue its Interim Results for the 6 months ended 30 September 2013 on 12 November 2013 and will issue a Trading Update on 17 October 2013.
HARRYCAT
- 13 Aug 2013 10:44
- 110 of 244
Are you still long skinny? Going nowhere fast atm. A bit frustrating!
skinny
- 13 Aug 2013 10:51
- 111 of 244
Yes I am Harry - no updates in the offing either.
Acer - 13 Aug 2013 10:52 - 112 of 244
Seems it's taking a breather. There have been a couple of very good contracts won in the last couple of weeks, didn't move the price up but certainly stopped any slide.
Next Update should see them spurt IMO.
Next Update should see them spurt IMO.
HARRYCAT
- 13 Aug 2013 10:57
- 113 of 244
Divi payment date tomorrow. Interim results mid Nov. That's about as exciting as this one gets!
I agree........not sliding backwards, which is reassuring!
I agree........not sliding backwards, which is reassuring!
boonboon - 05 Sep 2013 14:39 - 114 of 244
Speedy Hire to benefit as construction output booms http://valueshare.co.uk/current-portfolio/speedy-hire-sdy/speedy-hire-benefit-construction-output-booms/279/
goldfinger
- 05 Sep 2013 15:02
- 115 of 244
boonboon, tell the AHT management to buy Lavendon and put me out of my misery.
Been a waste of time buying it about a month ago.
Bought it cos I got a free copy of tip sheet Small Company Share Watch.
Wont be buying a subs from them.
Wish Id bought AHT instead.
Been a waste of time buying it about a month ago.
Bought it cos I got a free copy of tip sheet Small Company Share Watch.
Wont be buying a subs from them.
Wish Id bought AHT instead.
Juzzle
- 10 Sep 2013 07:44
- 116 of 244
interesting rumour:
Can we expect an announcement from Speedy Hire very soon?
NEWS STORY from vertikal.net
We have now confirmed that Andy Wright who heads Lavendon’s highly successful operations in the Middle East, is leaving the company.
Appointed to the role in 2010, his official title was chief executive, international operations, and he has been based in Dubai since. We also understand that he will join the Middle East operations of Speedy Hire and remain in the region.
Wright joined Lavendon from Aggreko in late 2006 as group development director and was appointed head of UK operations in mid 2007.
Vertikal Comment
We first heard of Wrights impending departure early last week, but have been unable to confirm it beyond reasonable doubt – Until now. The Middle East operations of Lavendon, which trade under the Rapid Access banner, have boomed during Wright’s tenure and in the first six months of this year generated revenues of £22.1 million, second only to the UK, while being the most profitable part of the group, generating an operating income of £6.5 million, or 44 percent of the group total.
His departure, which has not yet been officially announced by the company, will be a serious loss, and if as we believe he does join Speedy, a substantial gain for its fledgling international operations.
Can we expect an announcement from Speedy Hire very soon?
NEWS STORY from vertikal.net
We have now confirmed that Andy Wright who heads Lavendon’s highly successful operations in the Middle East, is leaving the company.
Appointed to the role in 2010, his official title was chief executive, international operations, and he has been based in Dubai since. We also understand that he will join the Middle East operations of Speedy Hire and remain in the region.
Wright joined Lavendon from Aggreko in late 2006 as group development director and was appointed head of UK operations in mid 2007.
Vertikal Comment
We first heard of Wrights impending departure early last week, but have been unable to confirm it beyond reasonable doubt – Until now. The Middle East operations of Lavendon, which trade under the Rapid Access banner, have boomed during Wright’s tenure and in the first six months of this year generated revenues of £22.1 million, second only to the UK, while being the most profitable part of the group, generating an operating income of £6.5 million, or 44 percent of the group total.
His departure, which has not yet been officially announced by the company, will be a serious loss, and if as we believe he does join Speedy, a substantial gain for its fledgling international operations.
Juzzle
- 10 Sep 2013 07:46
- 117 of 244
(duplicated post)
ontheturn - 10 Sep 2013 09:01 - 118 of 244
Large volume yesterday and again this morning as it turns up after the pause/retracement
doodlebug4 - 10 Sep 2013 15:39 - 119 of 244
Trading update on 17 October - this could be the start of a good run up to that date.
ontheturn - 10 Sep 2013 17:34 - 120 of 244
Nice movement up close to the end of the day
Juzzle
- 11 Sep 2013 09:16
- 121 of 244
Speedy Hire heading speedily higher!
And volume this week looks like being higher than in the whole of August.
And volume this week looks like being higher than in the whole of August.
doodlebug4 - 11 Sep 2013 10:35 - 122 of 244
Fingers has posted his latest chart update on the SDY thread on another bulletin board - next target 75p.
ontheturn - 11 Sep 2013 11:18 - 123 of 244
A very strong performance by the stock on a very large volume
Has to break 66p in order to be a BREAKOUT and then look forward to next stage
Has to break 66p in order to be a BREAKOUT and then look forward to next stage
doodlebug4 - 11 Sep 2013 13:00 - 124 of 244
Trying to break the 66p level for the second time today.
skinny
- 11 Sep 2013 13:03
- 125 of 244
A close above 65p would be positive.
;MA(50);MA(200)&IND=VOLMA(60);RSI(14)&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
HARRYCAT
- 11 Sep 2013 15:38
- 126 of 244
Still waiting for that bl**dy gap to be closed!
skinny
- 11 Sep 2013 15:47
- 127 of 244
Gap? :-)
doodlebug4 - 11 Sep 2013 16:15 - 128 of 244
Please stop it skinny, the sight of that chart brings me out in goosebumps!:-)
Acer - 12 Sep 2013 09:20 - 129 of 244
2 X 1 million buys @64.75. Somebody has the right idea!
midknight
- 13 Sep 2013 12:18
- 130 of 244
Panmure Gordon reiteration: Buy - TP: 74p.
doodlebug4 - 19 Sep 2013 09:35 - 131 of 244
Speedy Hire outlines plans for UK portfolio
Last updated: 18th Sep 2013 at 14:45pm
Speedy Hire, the specialist equipment rental company, is eyeing a change programme for its UK-wide portfolio of stores aimed at providing more integrated service from its sites.
The listed, Newton-le-Willows company operates different formats through which it rents out equipment to the construction, infrastructure and industrial markets.
It has North West sites in Birkenhead, Manchester, Warrington and Stockport among several others.
The company is also looking to consolidate some of its smaller depots into the larger 'superstore' format to offer a more integrated service to customers.
Dave Harris, commercial director for UK and Ireland, said: "Our view is that the general economy is improving and, against that backdrop, our trading is looking more promising than it has done for some time."
The comments came ahead of the launch of Speedy Hire's new-look presence in Liverpool today (18 September 2013) – the firm's 26th 'superstore'.
The site, on Sandhills Business Park, amalgamates the company's three other sites in the city which have recently closed with all staff transferring to the new base.
Harris said the 26,500 sq ft store, which has 18 staff and is being officially opened today, represented a £2m investment over the next decade.
He added: "Liverpool is undergoing a significant period of change as it makes itself increasingly attractive to new markets both nationally and internationally, and Speedy is investing to be part of this new future."
In addition to the stores, it runs on-site operations, such as with Tata Steel in South Wales, and temporary asset managers working on major construction projects, such as the 2012 Games.
North West City View
Last updated: 18th Sep 2013 at 14:45pm
Speedy Hire, the specialist equipment rental company, is eyeing a change programme for its UK-wide portfolio of stores aimed at providing more integrated service from its sites.
The listed, Newton-le-Willows company operates different formats through which it rents out equipment to the construction, infrastructure and industrial markets.
It has North West sites in Birkenhead, Manchester, Warrington and Stockport among several others.
The company is also looking to consolidate some of its smaller depots into the larger 'superstore' format to offer a more integrated service to customers.
Dave Harris, commercial director for UK and Ireland, said: "Our view is that the general economy is improving and, against that backdrop, our trading is looking more promising than it has done for some time."
The comments came ahead of the launch of Speedy Hire's new-look presence in Liverpool today (18 September 2013) – the firm's 26th 'superstore'.
The site, on Sandhills Business Park, amalgamates the company's three other sites in the city which have recently closed with all staff transferring to the new base.
Harris said the 26,500 sq ft store, which has 18 staff and is being officially opened today, represented a £2m investment over the next decade.
He added: "Liverpool is undergoing a significant period of change as it makes itself increasingly attractive to new markets both nationally and internationally, and Speedy is investing to be part of this new future."
In addition to the stores, it runs on-site operations, such as with Tata Steel in South Wales, and temporary asset managers working on major construction projects, such as the 2012 Games.
North West City View
halifax - 02 Oct 2013 13:38 - 132 of 244
IMS due 17th October breakout soon?
doodlebug4 - 02 Oct 2013 21:34 - 133 of 244
Looks ready for it halifax, any day now.
halifax - 09 Oct 2013 10:43 - 134 of 244
some largish trades going through?
ontheturn - 09 Oct 2013 11:48 - 135 of 244
Breakout on its way as there is a Strong housing demand this days
Had a good pause around the 64 to 66p during the last month and now is ready to go higher
most house builders are up by over 3% today
Had a good pause around the 64 to 66p during the last month and now is ready to go higher
most house builders are up by over 3% today
ontheturn - 09 Oct 2013 11:55 - 136 of 244
The GAP has to be filled and the BREAKOUT with volume is what it needs
skinny
- 09 Oct 2013 12:30
- 137 of 244
Still needs to close above 65 66p
ontheturn - 09 Oct 2013 12:38 - 138 of 244
re - Still needs to close above 65p
do you mean 66p?
Well that is what I thing
do you mean 66p?
Well that is what I thing
skinny
- 09 Oct 2013 12:47
- 139 of 244
Yes sorry I took that from my post on Sept 11th when - it finally closed @65.5p (also on Oct 3rd) - so yes 66p! :-)
HARRYCAT
- 09 Oct 2013 13:35
- 140 of 244
I repeat my frustrated post #126!
skinny
- 09 Oct 2013 14:24
- 141 of 244
Harry - patience! :-)
skinny
- 09 Oct 2013 14:52
- 142 of 244
Excellent volume today.
ontheturn - 09 Oct 2013 16:44 - 143 of 244
And the BREAKOUT did happen
Volume and rising goes together and very important in a BREAKOUT
Volume and rising goes together and very important in a BREAKOUT
skinny
- 09 Oct 2013 16:46
- 144 of 244
Yes its looking very good - RSI looking up also.
;MA(50);MA(200)&IND=VOLMA(60);RSI(14)&Layout=2Line;Default;Price;HisDate&XCycle=&XFormat=)
ontheturn - 10 Oct 2013 08:41 - 145 of 244
Is on the move up again +1p as the Breakout is working its way to fill the GAP
HARRYCAT
- 10 Oct 2013 10:05
- 146 of 244
A bit more volume would be good. Looking a bit thin atm.
mascot - 10 Oct 2013 22:48 - 147 of 244
A couple of charts from accross, about break out by Master RSI and fingers xxd
halifax - 15 Oct 2013 11:27 - 148 of 244
sp moving ahead nicely heading for 70p.
doodlebug4 - 15 Oct 2013 12:12 - 149 of 244
Yes, looking strong again today halifax and Finger's chart suggests 75p as the next resistance level.
ontheturn - 15 Oct 2013 12:16 - 150 of 244
Just before 12pm had another run to the 68 / 68.25p intraday high reached last week
HARRYCAT
- 15 Oct 2013 12:42
- 151 of 244
Interim results in about 4 weeks I think.
doodlebug4 - 15 Oct 2013 13:07 - 152 of 244
Trading statement this Thursday, HARRY.
halifax - 15 Oct 2013 13:22 - 153 of 244
sp accelerating...............vroom, vroom!
halifax - 15 Oct 2013 13:29 - 154 of 244
sp going like the clappers!!
HARRYCAT
- 15 Oct 2013 14:09
- 155 of 244
Thanks db4.. I think that interim results are due mid Nov also. Finals are in may, which would be about right. Presumably the trading statement will shed light on it.
doodlebug4 - 15 Oct 2013 16:54 - 156 of 244
Positive day - it will be interesting to see where tomorrow takes us in anticipation of the trading update on Thursday.
halifax - 16 Oct 2013 11:36 - 157 of 244
sp 68p has gone into reverse, some large sells shown?
skinny
- 17 Oct 2013 07:03
- 158 of 244
Trading Update
Speedy Hire Plc, the UK's largest provider of tools and equipment services, today issues a trading update ahead of the announcement on 12 November 2013, of its interim results for the six month period ending 30 September 2013.
Whilst UK market conditions remain challenging, the Group has had a satisfactory performance and is trading in line with management expectations. At a Group level, whilst H1 revenue decreased by 0.1% against the prior year period, Q2 saw an improving trading momentum with Q2 revenue increasing by 0.4%.
Whilst we are yet to see any material improvement in construction work, the UK and Ireland division continues to navigate through the economic challenges by focussing on active hire markets, service revenue streams, an increasing proportion of non-construction related activities and progressing with the depot network and logistics strategy. Although UK and Ireland revenue in Q1 fell by 2.6%, with the National Grid project now fully mobilised and new Q2 non-construction related contract wins (£4.2m in the Infrastructure sector and £6.5m in the Industrial sector) Q2 revenue decreased by only 1.6%, mitigating the overall fall for H1 to 2.1%.
The International division has once again made good progress with H1 revenues up 28.5% against the prior year period and mobilisation on key projects continuing to plan. During H1 we have also established a presence in Qatar to work with our teams in the MENA territories to capitalise on attractive opportunities in both the oil & gas sector and government-backed infrastructure initiatives across the region.
Speedy Hire Plc, the UK's largest provider of tools and equipment services, today issues a trading update ahead of the announcement on 12 November 2013, of its interim results for the six month period ending 30 September 2013.
Whilst UK market conditions remain challenging, the Group has had a satisfactory performance and is trading in line with management expectations. At a Group level, whilst H1 revenue decreased by 0.1% against the prior year period, Q2 saw an improving trading momentum with Q2 revenue increasing by 0.4%.
Whilst we are yet to see any material improvement in construction work, the UK and Ireland division continues to navigate through the economic challenges by focussing on active hire markets, service revenue streams, an increasing proportion of non-construction related activities and progressing with the depot network and logistics strategy. Although UK and Ireland revenue in Q1 fell by 2.6%, with the National Grid project now fully mobilised and new Q2 non-construction related contract wins (£4.2m in the Infrastructure sector and £6.5m in the Industrial sector) Q2 revenue decreased by only 1.6%, mitigating the overall fall for H1 to 2.1%.
The International division has once again made good progress with H1 revenues up 28.5% against the prior year period and mobilisation on key projects continuing to plan. During H1 we have also established a presence in Qatar to work with our teams in the MENA territories to capitalise on attractive opportunities in both the oil & gas sector and government-backed infrastructure initiatives across the region.
goldfinger
- 17 Oct 2013 08:23
- 159 of 244
Getting clobered at the moment, suppose it was this......
"Whilst UK market conditions remain challenging",
Other peers doing well.
"Whilst UK market conditions remain challenging",
Other peers doing well.
midknight
- 17 Oct 2013 15:12
- 160 of 244
17 Oct: Investec Securities reiterates Buy - TP upped to 85p.
doodlebug4 - 18 Oct 2013 15:43 - 161 of 244
Looks ready to tick up again after a minor drop yesterday.
midknight
- 30 Oct 2013 11:38
- 162 of 244
30 Oct: Investec Securities reiterates: Buy.
TP upped from 85p to 100p.
TP upped from 85p to 100p.
halifax - 30 Oct 2013 16:14 - 163 of 244
what do Investec know that others don't?
halifax - 04 Nov 2013 13:10 - 164 of 244
Interim results due next Tuesday 12th November.
HARRYCAT
- 04 Nov 2013 16:21
- 165 of 244
Thanks for that h. Hopefully it will give the sp a kick up the wotsit!
skinny
- 12 Nov 2013 07:08
- 166 of 244
Interim - Maintaining Our Consistent Strategy
Financial Highlights
· Revenue increased by 0.4% to £169.8m (2012: £169.1m)
· Earnings per share+ increased by 1.8% to 1.12 pence (2012: 1.10 pence)
· EBITDA decreased by 2.7% to £32.7m (2012: £33.6m)
· 3.0% increase in adjusted+ profit before tax to £6.8m (2012: £6.6m)
· Profit before tax increased by £0.6m to £5.3m (2012: £4.7m)
· Return on capital employed increased to 7.6% (2012: 7.0%)
· Net debt to EBITDA+ (trailing 12 months) improves to 1.1x (2012: 1.2x)
· Strategic investment in the hire fleet to support key sectors (£12.5m increase in net book value)
· Interim dividend increased by 18% to 0.26 pence per share (2012: 0.22 pence per share)
+ before amortisation
Trading and Operational Highlights
· Continued focus on active hire markets and increasing service revenue streams
· On-going evolution of customer base and improved quality, security and transparency of long-term earnings
· Strong growth in infrastructure: revenue from the UK's top 10 infrastructure customers grew by 31% - Group well positioned and growing revenue in its targeted markets of water, waste, energy and transport
· Satisfactory UK performance positioned for growth - Speedy's market share remains strong
· Full mobilisation of the National Grid contract will provide strong momentum into H2. International division continues to make good progress and is building a strong reputation for expertise and delivery - mobilisation on key projects continuing to plan and will enhance H2 revenues
· Rigorous approach to cost management and operational efficiencies continuing to drive improvement in costs and ROCE
Post Period Activity
· Advanced acceleration of depot network and logistics strategy plan based on success of existing Multi Service Centres (MSCs)
· H2 expected to benefit from post period contracts secured to underpin second half performance
· International set for further expansion with the investment in a joint venture in Kazakhstan, announced today, which will enable long-term access to a number of the world's largest oil fields in the Caspian region.
· Management team further strengthened through experienced UK and International appointments
Financial Highlights
· Revenue increased by 0.4% to £169.8m (2012: £169.1m)
· Earnings per share+ increased by 1.8% to 1.12 pence (2012: 1.10 pence)
· EBITDA decreased by 2.7% to £32.7m (2012: £33.6m)
· 3.0% increase in adjusted+ profit before tax to £6.8m (2012: £6.6m)
· Profit before tax increased by £0.6m to £5.3m (2012: £4.7m)
· Return on capital employed increased to 7.6% (2012: 7.0%)
· Net debt to EBITDA+ (trailing 12 months) improves to 1.1x (2012: 1.2x)
· Strategic investment in the hire fleet to support key sectors (£12.5m increase in net book value)
· Interim dividend increased by 18% to 0.26 pence per share (2012: 0.22 pence per share)
+ before amortisation
Trading and Operational Highlights
· Continued focus on active hire markets and increasing service revenue streams
· On-going evolution of customer base and improved quality, security and transparency of long-term earnings
· Strong growth in infrastructure: revenue from the UK's top 10 infrastructure customers grew by 31% - Group well positioned and growing revenue in its targeted markets of water, waste, energy and transport
· Satisfactory UK performance positioned for growth - Speedy's market share remains strong
· Full mobilisation of the National Grid contract will provide strong momentum into H2. International division continues to make good progress and is building a strong reputation for expertise and delivery - mobilisation on key projects continuing to plan and will enhance H2 revenues
· Rigorous approach to cost management and operational efficiencies continuing to drive improvement in costs and ROCE
Post Period Activity
· Advanced acceleration of depot network and logistics strategy plan based on success of existing Multi Service Centres (MSCs)
· H2 expected to benefit from post period contracts secured to underpin second half performance
· International set for further expansion with the investment in a joint venture in Kazakhstan, announced today, which will enable long-term access to a number of the world's largest oil fields in the Caspian region.
· Management team further strengthened through experienced UK and International appointments
skinny
- 12 Nov 2013 07:09
- 167 of 244
Caspian Joint venture
Speedy's International Division enters into Caspian Joint Venture
Speedy today announces that it has entered into a 50/50 joint venture with J. & J. Denholm Group ("Denholm") to provide asset management and equipment rental services to the extensive oil & gas sector in Kazakhstan, including the "super giant" fields at Tengiz, Karachaganak and Kashagan, three of the largest oilfields in the world.
Denholm, through its specialist oilfield services business has a market-leading position in the provision of maintenance and turnaround services in Kazakhstan which it has established through 20 years of operating in the region. Since 1999 it has operated this business through Denholm Zholdas LLP ("DZ").
DZ is headquartered in Atyrau, with an operating hub at Karabaton, adjacent to the onshore processing facilities at the huge offshore Kashagan field. In addition to Karabaton, it has permanent facilities at the onshore production plants at Tengiz and Karachaganak and at the export port of Aktau, which also acts as a supply base to Kashagan.
The joint venture will trade and operate under the brand "Speedy Zholdas" in Kazakhstan. Both Speedy and Denholm have identified the opportunity to leverage DZ's existing infrastructure by providing a full range of asset management and equipment rental services in support of existing clients of DZ, who include amongst others Chevron and Exxon, whilst at the same time extending such services to other oil & gas clients with whom Speedy already has, or is targeting, long-term relationships.
Speedy's International Division enters into Caspian Joint Venture
Speedy today announces that it has entered into a 50/50 joint venture with J. & J. Denholm Group ("Denholm") to provide asset management and equipment rental services to the extensive oil & gas sector in Kazakhstan, including the "super giant" fields at Tengiz, Karachaganak and Kashagan, three of the largest oilfields in the world.
Denholm, through its specialist oilfield services business has a market-leading position in the provision of maintenance and turnaround services in Kazakhstan which it has established through 20 years of operating in the region. Since 1999 it has operated this business through Denholm Zholdas LLP ("DZ").
DZ is headquartered in Atyrau, with an operating hub at Karabaton, adjacent to the onshore processing facilities at the huge offshore Kashagan field. In addition to Karabaton, it has permanent facilities at the onshore production plants at Tengiz and Karachaganak and at the export port of Aktau, which also acts as a supply base to Kashagan.
The joint venture will trade and operate under the brand "Speedy Zholdas" in Kazakhstan. Both Speedy and Denholm have identified the opportunity to leverage DZ's existing infrastructure by providing a full range of asset management and equipment rental services in support of existing clients of DZ, who include amongst others Chevron and Exxon, whilst at the same time extending such services to other oil & gas clients with whom Speedy already has, or is targeting, long-term relationships.
HARRYCAT
- 12 Nov 2013 07:53
- 168 of 244
.
HARRYCAT
- 12 Nov 2013 08:21
- 169 of 244
I know the figures weren't particularly spectacular, but turnover, profit & divi are all slightly up, so a little positive sp action would have been welcome!
skinny
- 12 Nov 2013 08:44
- 170 of 244
Yes - I'm getting bored now.
Investec Buy 68.63 100.00 100.00 Reiterates
Investec Buy 68.63 100.00 100.00 Reiterates
Morigam - 12 Nov 2013 14:49 - 171 of 244
there are some new boys on board - the CEO in an interview
skinny
- 21 Nov 2013 07:22
- 172 of 244
Liberum Capital Buy 64.00 64.00 - 88.00 Initiates/Starts
halifax - 28 Nov 2013 21:44 - 173 of 244
RNS accounting irregularities in the middle east CEO resigns.
skinny
- 29 Nov 2013 08:03
- 174 of 244
Not looking good - extended auction.
midknight
- 29 Nov 2013 11:33
- 175 of 244
29 Nov: Panmure Gordon: Sell - TP down from 75p to 52p. Downgraded.
More on the SDY saga here:
http://www.telegraph.co.uk/finance/newsbysector/supportservices/10482201/Speedy-Hire-boss-quits-after-discovery-of-5m-accounting-black-hole.html
More on the SDY saga here:
http://www.telegraph.co.uk/finance/newsbysector/supportservices/10482201/Speedy-Hire-boss-quits-after-discovery-of-5m-accounting-black-hole.html
halifax - 29 Nov 2013 16:29 - 176 of 244
sp under 50p down 22% being hit hard by accounting problems overseas.
halifax - 29 Nov 2013 16:51 - 177 of 244
market cap reduced by £75m today is there more bad news to come?
ontheturn - 02 Dec 2013 09:35 - 178 of 244
lets see how is moving on after the sharp drop with bad news.
marked up from the start after press comments, but already losing half the gains
at what point will the shares bounce from?
marked up from the start after press comments, but already losing half the gains
at what point will the shares bounce from?
skinny
- 02 Dec 2013 09:36
- 179 of 244
Liberum Capital Buy 51.38 50.50 88.00 67.00 Reiterates
HARRYCAT
- 02 Dec 2013 12:33
- 180 of 244
Details of the Panmure Gordon note (post #175):
"Accounting irregularities are never good news, and this looks no different. Speedy has revealed “deliberate circumvention” of accounting processes regarding a number of small contracts in its Middle East operation. For this we presume the issues involve something more that wrong depreciation policies, and the suspension of the divisional FD suggests a more serious (and complicated) issue given a legal investigation is also under way. So far, the adjustment to the current year to March looks to be circa £3m (some of which will include investigation costs), with re-statement to previous years International contribution. We believe the appointment of a new International MD (Andy Wright from Lavendon) has brought this problem to light, and CEO Steve Corcoran also resigns as a result.
Outlook: For this to happen just as investors were becoming more optimistic about a recovery in activity levels is unfortunate to say the least, though to be fair the view on Speedy has never been unanimous and this possibly clears the decks now? UK operations are not involved and “95% of revenues remain unaffected”, though we suspect it will need a full set of results before there is confidence given we would expect a full internal audit on Group procedures as a result of this. That said, similar issues for Hargreaves Services (where fraud in Belgium was uncovered) appear to have been more than discounted given its own share price performance since announcement of issues, and we expect the same for Speedy given the opportunity for geared recovery and its strong market position. We suspect Speedy pops up on a number of radars over the coming weeks as a result, despite a breach of banking terms as a result of this (which we expect is an automatic trigger in these kind of instances), and while we believe this is a (fairly big) setback this is not a game-changer for the medium term.
Forecasts & Recommendation: we reduce our bottom-of-the-range £19.8m to March 2014 to £16.8m (new EPS 2.5p, -13.8%) and our £25.5m to March 2015 to £23.5m (3.5p, -5.4%), though this remains our “best guess” given the events. We reduce our Target Price from 75p to 52p, and switch our Hold recommendation to Sell."
"Accounting irregularities are never good news, and this looks no different. Speedy has revealed “deliberate circumvention” of accounting processes regarding a number of small contracts in its Middle East operation. For this we presume the issues involve something more that wrong depreciation policies, and the suspension of the divisional FD suggests a more serious (and complicated) issue given a legal investigation is also under way. So far, the adjustment to the current year to March looks to be circa £3m (some of which will include investigation costs), with re-statement to previous years International contribution. We believe the appointment of a new International MD (Andy Wright from Lavendon) has brought this problem to light, and CEO Steve Corcoran also resigns as a result.
Outlook: For this to happen just as investors were becoming more optimistic about a recovery in activity levels is unfortunate to say the least, though to be fair the view on Speedy has never been unanimous and this possibly clears the decks now? UK operations are not involved and “95% of revenues remain unaffected”, though we suspect it will need a full set of results before there is confidence given we would expect a full internal audit on Group procedures as a result of this. That said, similar issues for Hargreaves Services (where fraud in Belgium was uncovered) appear to have been more than discounted given its own share price performance since announcement of issues, and we expect the same for Speedy given the opportunity for geared recovery and its strong market position. We suspect Speedy pops up on a number of radars over the coming weeks as a result, despite a breach of banking terms as a result of this (which we expect is an automatic trigger in these kind of instances), and while we believe this is a (fairly big) setback this is not a game-changer for the medium term.
Forecasts & Recommendation: we reduce our bottom-of-the-range £19.8m to March 2014 to £16.8m (new EPS 2.5p, -13.8%) and our £25.5m to March 2015 to £23.5m (3.5p, -5.4%), though this remains our “best guess” given the events. We reduce our Target Price from 75p to 52p, and switch our Hold recommendation to Sell."
HARRYCAT
- 03 Dec 2013 08:21
- 181 of 244
StockMarketWire.com
Cantor Fitzgerald has effectively double-downgraded its recommendation on Speedy Hire (LON:SDY) and moved straight to "sell" from "buy" following last week's announcement that full year pre-tax profits would be cut by around £3 million after the company identified accounting irregularities in its International Division. As a result, the Finance Director of this division has been suspended and Group Chief Executive, Steve Corcoran, announced that he will be stepping down in due course. The broker has lowered its price target to 45 pence per share (from 75 pence) to bring it in line with its peer group. "We were previously BUYers of the shares as we saw Speedy Hire as a geared play on UK economic recovery, Cantor said. "Given last week's events, we have changed our view."
midknight
- 03 Dec 2013 11:20
- 182 of 244
3 Dec: Seymour Pierce also joins the Sell lot. TP down from 75p to 45p.
midknight
- 04 Dec 2013 11:24
- 183 of 244
4 Dec: RBC Capital Markets: Neutral - TP down from 70p to 51p.
ontheturn - 04 Dec 2013 11:44 - 184 of 244
The CAT bounce did not last long and now back further down
a 45p would be a reasonable price to start buying again as is also around the NAV 45.8p
a 45p would be a reasonable price to start buying again as is also around the NAV 45.8p
HARRYCAT
- 11 Dec 2013 08:07
- 185 of 244
StockMarketWire.com
Speedy Hire has now received waivers in respect of the breach of those terms and continues to be in compliance with the financial covenants under its banking facilities.
On Nov. 28, Speedy said that, following management changes within its International Division, information had emerged indicating the mis-statement of a number of accounting balances within the International Division over recent accounting periods.
The Company said whilst it remained in compliance with the financial covenants under the Group's banking facilities, these circumstances had resulted in a breach of certain other terms.
Speedy Hire has now received waivers in respect of the breach of those terms and continues to be in compliance with the financial covenants under its banking facilities.
On Nov. 28, Speedy said that, following management changes within its International Division, information had emerged indicating the mis-statement of a number of accounting balances within the International Division over recent accounting periods.
The Company said whilst it remained in compliance with the financial covenants under the Group's banking facilities, these circumstances had resulted in a breach of certain other terms.
midknight
- 19 Dec 2013 15:08
- 186 of 244
Seems to be ticking up quietly and steadily.
What do you make of that, HC, Skinny? Is it better to
err on the side of caution?
What do you make of that, HC, Skinny? Is it better to
err on the side of caution?
HARRYCAT
- 19 Dec 2013 16:04
- 187 of 244
I was waiting for more news as they said that they were in breach of 'other terms'.....whatever they are! I considered the risk too high that more bad news was to follow. Not currently holding SDY and think I will stay out for the moment.
midknight
- 19 Dec 2013 16:14
- 188 of 244
Thanks, HC. I've always bought under 60 and sold between 64 and 65,
so have done well out of them and don't hold now, as I sold a few days before the debacle.
I was tempted but on reflection, I will err on the side of caution.
so have done well out of them and don't hold now, as I sold a few days before the debacle.
I was tempted but on reflection, I will err on the side of caution.
skinny
- 06 Jan 2014 16:27
- 189 of 244
midknight
- 12 Feb 2014 15:30
- 190 of 244
Feb 12:
Investec Securities reiteration: Buy - TP: 100p.
Panmure Gordon reiteration: Buy - TP: 88p.
Investec Securities reiteration: Buy - TP: 100p.
Panmure Gordon reiteration: Buy - TP: 88p.
HARRYCAT
- 28 Feb 2014 11:00
- 191 of 244
Sp seems pretty reluctant to get anywhere near the broker targets.
skinny
- 28 Feb 2014 11:03
- 192 of 244
Triple top on the chart (post 189).
Brigg - 05 Mar 2014 23:24 - 193 of 244
Things look very optimistic . 100p looks a possibility.
skinny
- 06 Mar 2014 06:45
- 194 of 244
Trading Statement on 26th March.
HARRYCAT
- 06 Mar 2014 08:44
- 195 of 244
Might be worth a punt, though no knowing what the figures are going to look like before the 26th. Could go either way, imo. We know there is going to be a £3m write down, but wonder if there is more bad news from the International Div? They were also in breach of certain covenants, which seems to have fallen out of the news.
skinny
- 06 Mar 2014 08:47
- 196 of 244
I've enjoyed the recent run, but am out and watching as of this morning.
midknight
- 06 Mar 2014 11:28
- 197 of 244
HC and skinny, I agree. See my comment on the DTY thread.
skinny
- 13 May 2014 07:07
- 198 of 244
Final Results
Financial Highlights
• Revenue up 2.9% to £349.7m (2013: £340.0m#)
• Trading performance impacted by EBITA* loss of £4.3m in the International Division
• EBITA* for the remainder of the Group up 11.9% to £26.4m (2013: £23.6m)
• Adjusted profit before tax * down 4.6% to £14.6m (2013: £15.3m#)
• International Division creates drag on ROCE which is down to 7.0% (2013: 7.5%#)
• Group ROCE (excluding International) up to 9.5% (2013: 8.5%#)
• Dividend increased by 15% to 0.61 pence per share (2013: 0.53 pence per share)
* Before amortisation and exceptional costs.
# Restated.
Trading and Operational Highlights to 31 March 2014
• Q4 UK & I revenue growth of 4.9% (before planned disposals) reflecting progress throughout the year
• Strong performance in new contract wins: Babcock, National Grid, Northern Gas Networks
• Network programme accelerated with completion of Glasgow Multi Service Centre and 6 new superstores
• Middle East investigation complete
• New CEO and refreshed UK and Middle East management teams in place
Trading and Operational Highlights Post Year End
• Trading has started well building on Q4 FY2014 progress
• Preferred bidder status announced for Balfour Beatty Tier 1 Contract
• New relationship established and contracts won with Skanska
• Customer focus broadened to capture potential offered by regional markets
Financial Highlights
• Revenue up 2.9% to £349.7m (2013: £340.0m#)
• Trading performance impacted by EBITA* loss of £4.3m in the International Division
• EBITA* for the remainder of the Group up 11.9% to £26.4m (2013: £23.6m)
• Adjusted profit before tax * down 4.6% to £14.6m (2013: £15.3m#)
• International Division creates drag on ROCE which is down to 7.0% (2013: 7.5%#)
• Group ROCE (excluding International) up to 9.5% (2013: 8.5%#)
• Dividend increased by 15% to 0.61 pence per share (2013: 0.53 pence per share)
* Before amortisation and exceptional costs.
# Restated.
Trading and Operational Highlights to 31 March 2014
• Q4 UK & I revenue growth of 4.9% (before planned disposals) reflecting progress throughout the year
• Strong performance in new contract wins: Babcock, National Grid, Northern Gas Networks
• Network programme accelerated with completion of Glasgow Multi Service Centre and 6 new superstores
• Middle East investigation complete
• New CEO and refreshed UK and Middle East management teams in place
Trading and Operational Highlights Post Year End
• Trading has started well building on Q4 FY2014 progress
• Preferred bidder status announced for Balfour Beatty Tier 1 Contract
• New relationship established and contracts won with Skanska
• Customer focus broadened to capture potential offered by regional markets
midknight
- 13 May 2014 15:42
- 199 of 244
May 13:
Investec: Buy - New TP: 100p
Cantor: Sell - TP: 51p
Investec: Buy - New TP: 100p
Cantor: Sell - TP: 51p
skinny
- 13 May 2014 15:53
- 200 of 244
Classic bullish engulfing candle atm.
HARRYCAT
- 27 Jun 2014 10:47
- 201 of 244
Support at 50p? Might be tempted at that level.
midknight
- 04 Jul 2014 10:15
- 202 of 244
July 4: Panmure reiterates: Buy - TP unchanged: 68p.
HARRYCAT
- 16 Jul 2014 08:15
- 203 of 244
StockMarketWire.com
Speedy Hire said at a group level its revenue rose 15.7% on the year for the three months to 30 June 2014. Economic and market conditions in our core markets continue to show signs of improvement, and the positive revenue trends are in line with management expectations.
In the UK & Ireland Division, about 94% of group revenues, the strategy of focusing on core hire, specialist solutions and complementary services, combined with an equal focus on all of our customer groups has delivered revenue growth of 15.6% (10.7% before planned disposals) over the same period in the prior year.
"We have now fully mobilised our contract with Babcock announced in February and we are progressing the award as a Preferred Bidder for a Tier 1 contract with Balfour Beatty," said chairman Ishbel Macpherson in an interim management statement.
"In addition we have won a number of new contracts with major customers. At a regional level the 'Own City' campaigns are already beginning to make a meaningful contribution to the Group," Macpherson said.
"Whilst it is early days, we have seen good progress in all our target cities, in London and Manchester in particular we have seen growth over the same period in the prior year of 18.9% and 17.2% respectively. Additionally, our Partnered Services Division grew by 50.8% over the same period in the prior year, a result of our Integrated Services Strategy.£
The new UK & Ireland senior management team is now in place. The reconfiguration of the depot network has seen the successful delivery of two further superstores (Coventry and Aberdeen). Further sites have now been secured and development works started as part of the accelerated plan to complete the network.
The new management team in the International Division is now embedded and continues to deliver on the business' key contracts. The key focus of this team is to return the Division to profitability.
"I am pleased to report that the Company has worked hard to focus on the opportunities arising throughout the UK, and Speedy is in a good position to exploit the numerous opportunities for growth that are emerging as the market continues to recover. The Board is therefore confident that the Group is on track to deliver results for the full year in line with its expectations."
Speedy Hire said at a group level its revenue rose 15.7% on the year for the three months to 30 June 2014. Economic and market conditions in our core markets continue to show signs of improvement, and the positive revenue trends are in line with management expectations.
In the UK & Ireland Division, about 94% of group revenues, the strategy of focusing on core hire, specialist solutions and complementary services, combined with an equal focus on all of our customer groups has delivered revenue growth of 15.6% (10.7% before planned disposals) over the same period in the prior year.
"We have now fully mobilised our contract with Babcock announced in February and we are progressing the award as a Preferred Bidder for a Tier 1 contract with Balfour Beatty," said chairman Ishbel Macpherson in an interim management statement.
"In addition we have won a number of new contracts with major customers. At a regional level the 'Own City' campaigns are already beginning to make a meaningful contribution to the Group," Macpherson said.
"Whilst it is early days, we have seen good progress in all our target cities, in London and Manchester in particular we have seen growth over the same period in the prior year of 18.9% and 17.2% respectively. Additionally, our Partnered Services Division grew by 50.8% over the same period in the prior year, a result of our Integrated Services Strategy.£
The new UK & Ireland senior management team is now in place. The reconfiguration of the depot network has seen the successful delivery of two further superstores (Coventry and Aberdeen). Further sites have now been secured and development works started as part of the accelerated plan to complete the network.
The new management team in the International Division is now embedded and continues to deliver on the business' key contracts. The key focus of this team is to return the Division to profitability.
"I am pleased to report that the Company has worked hard to focus on the opportunities arising throughout the UK, and Speedy is in a good position to exploit the numerous opportunities for growth that are emerging as the market continues to recover. The Board is therefore confident that the Group is on track to deliver results for the full year in line with its expectations."
midknight
- 27 Aug 2014 16:30
- 204 of 244
SDY speeeding up now. Missed the surge.
HARRYCAT
- 18 Sep 2014 10:23
- 205 of 244
Refinancing of Funding Arrangements
Speedy, the UK's leading tools, equipment, plant hire and services company, operating in the construction, infrastructure and industrial markets, announces that it has completed a refinancing of its funding arrangements, which were due to mature in August 2015.
With effect from 17 September 2014, the Group has secured a new £180 million 5-year asset-based revolving facility at an improved margin and with an agreement in place to support additional funding requirements in the future.
Commenting on the refinancing, Mark Rogerson, Chief Executive Officer, said:
"We are delighted to have concluded this refinancing ahead of schedule and on improved terms reflecting our bankers' confidence in the business. Alongside our ongoing focus on cash generation, the new facility will provide us with the flexibility to support our strategy for growth."
Speedy, the UK's leading tools, equipment, plant hire and services company, operating in the construction, infrastructure and industrial markets, announces that it has completed a refinancing of its funding arrangements, which were due to mature in August 2015.
With effect from 17 September 2014, the Group has secured a new £180 million 5-year asset-based revolving facility at an improved margin and with an agreement in place to support additional funding requirements in the future.
Commenting on the refinancing, Mark Rogerson, Chief Executive Officer, said:
"We are delighted to have concluded this refinancing ahead of schedule and on improved terms reflecting our bankers' confidence in the business. Alongside our ongoing focus on cash generation, the new facility will provide us with the flexibility to support our strategy for growth."
midknight
- 15 Oct 2014 10:43
- 206 of 244
Trading statement tomorrow.
mentor - 16 Oct 2014 09:11 - 207 of 244
Speedy Hire says H1 a good overall start to year
Speedy Hire said its H1 produced a good overall start to the year with activity levels in the UK & Ireland significantly higher on the year, and that it is on track to deliver FY results in line with the board's expectations.
It expected H1 revenues to be up by about 11% on the year, reflecting the continued growth of the business, which was underpinned by a strong performance from Partnered Services.
A number of contracts were won during the period and levels of contract bidding remain high.
In the International Division, revenues were up by approximately 31%on the year. The remedial actions implemented in the Middle East by the new management team are having a positive effect on the business albeit the flow through to profitability is taking longer than expected.
Speedy Hire said its H1 produced a good overall start to the year with activity levels in the UK & Ireland significantly higher on the year, and that it is on track to deliver FY results in line with the board's expectations.
It expected H1 revenues to be up by about 11% on the year, reflecting the continued growth of the business, which was underpinned by a strong performance from Partnered Services.
A number of contracts were won during the period and levels of contract bidding remain high.
In the International Division, revenues were up by approximately 31%on the year. The remedial actions implemented in the Middle East by the new management team are having a positive effect on the business albeit the flow through to profitability is taking longer than expected.
VICTIM - 17 Oct 2014 15:17 - 208 of 244
Some impressive buys here but trending down at the moment . What's going on experts.SCSW gave an attractive BUY last saturday.
HARRYCAT
- 11 Feb 2015 08:02
- 209 of 244
StockMarketWire.com
Speedy Hire said despite a challenging year in the Middle East, ongoing strong performance of the Group in the UK gives directors confidence its FY results will be in line with its expectations.
Inclusive of the third quarter, revenues for the first 9 months of the year increased by 9.9% on the same period last year.
The network optimisation programme is on track to be completed ahead of schedule by the end of the financial year with the Group's new National Distribution Centre (NDC) in Tamworth now operational.
The NDC and 8 UK Multi-Service Centres will serve as hubs within the Group's national network delivering greater efficiencies in distribution, engineering and repair and asset utilisation.
In the Middle East good progress has been made on the accelerated restructuring of the business and withdrawal from general hire.
This has been done to stem losses and build value in the remaining Oil and Gas services business where the mobilisation of major contracts is now all but complete.
Speedy Hire said despite a challenging year in the Middle East, ongoing strong performance of the Group in the UK gives directors confidence its FY results will be in line with its expectations.
Inclusive of the third quarter, revenues for the first 9 months of the year increased by 9.9% on the same period last year.
The network optimisation programme is on track to be completed ahead of schedule by the end of the financial year with the Group's new National Distribution Centre (NDC) in Tamworth now operational.
The NDC and 8 UK Multi-Service Centres will serve as hubs within the Group's national network delivering greater efficiencies in distribution, engineering and repair and asset utilisation.
In the Middle East good progress has been made on the accelerated restructuring of the business and withdrawal from general hire.
This has been done to stem losses and build value in the remaining Oil and Gas services business where the mobilisation of major contracts is now all but complete.
dreamcatcher
- 21 Feb 2015 22:34
- 210 of 244
HARRYCAT
- 15 Apr 2015 07:44
- 211 of 244
StockMarketWire.com
Speedy Hire expects to announce revenue in line with market expectations, and adjusted profit before tax slightly ahead of market expectations, reaffirming the strength of its strategic and major customer relationships.
In the UK, a new National Distribution Centre in Tamworth is open and the programme to create a backbone to the national network comprising 8 Multi-Service Centres and 38 superstores has been completed ahead of the original schedule.
A programme to re-profile asset holdings and redistribute assets across the network is now underway; this will enable the Business to improve asset utilisation and operational efficiency during the coming year.
In the Middle East, where the Group has incurred substantial losses, Speedy has completed its withdrawal from the general hire business; its offices in Egypt and Qatar have been closed and the Oman business sold.
The newly restructured Oil and Gas Services Business broke even in the final month of the fiscal year and the Group is in discussions with a potential purchaser to sell this business. Regardless of the outcome of any negotiations, the Middle East business has been significantly de-risked.
Speedy Hire expects to announce revenue in line with market expectations, and adjusted profit before tax slightly ahead of market expectations, reaffirming the strength of its strategic and major customer relationships.
In the UK, a new National Distribution Centre in Tamworth is open and the programme to create a backbone to the national network comprising 8 Multi-Service Centres and 38 superstores has been completed ahead of the original schedule.
A programme to re-profile asset holdings and redistribute assets across the network is now underway; this will enable the Business to improve asset utilisation and operational efficiency during the coming year.
In the Middle East, where the Group has incurred substantial losses, Speedy has completed its withdrawal from the general hire business; its offices in Egypt and Qatar have been closed and the Oman business sold.
The newly restructured Oil and Gas Services Business broke even in the final month of the fiscal year and the Group is in discussions with a potential purchaser to sell this business. Regardless of the outcome of any negotiations, the Middle East business has been significantly de-risked.
HARRYCAT
- 12 May 2015 08:16
- 212 of 244
Speedy, the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, announces results for the year ended 31 March 2015.
Strategic Update:
Fixing the Business
· Completed exit from general and spot hire in Middle East: process underway for sale of remaining business
· UK Sales & Marketing function re-structured delivering strong strategic customer growth
· Network Optimisation Programme completed ahead of schedule
· Implementation of new IT and MIS complete
· Re-established culture of; Safety; Governance; Service; and People Engagement
Improving Performance
· Radically enhanced sales and marketing function in place to grow core hire
· Asset Optimisation Programme making good progress to improve asset utilisation
· Cost efficiency plans accelerating
Transforming the Company
· Developing a broader range of complementary services to meet customer demand
· Significant opportunities to re-engage with Regional/Local market segment through Express network
· Further opportunities to deliver enhanced profit growth
Commenting on the results, Jan Åstrand, Chairman, said:
"I am delighted to report on a year of significant progress at Speedy. It is particularly pleasing that, despite all the challenges the Company has had to face, we have today reported a strong set of results.
"Shortly after he was appointed CEO, Mark Rogerson set out a clear plan to return the Group to health and build sustainable profit growth. Mark and his new leadership team have made significant progress, and whilst there is much to do, there is further opportunity to improve the business.
"In the Middle East, having completed the exit from general and spot hire ahead of schedule, discussions are underway regarding the disposal of the oil and gas services operations, our last remaining asset in the region.
"We can now turn our focus to developing the business in the UK where there are major opportunities ahead through further professionalising our sales and marketing activity supported by improvements in cost management and asset utilisation.
"We are, once again, in a position to deliver sustainable profit growth and our confidence for the future is underpinned by an increase in the recommended final dividend."
Strategic Update:
Fixing the Business
· Completed exit from general and spot hire in Middle East: process underway for sale of remaining business
· UK Sales & Marketing function re-structured delivering strong strategic customer growth
· Network Optimisation Programme completed ahead of schedule
· Implementation of new IT and MIS complete
· Re-established culture of; Safety; Governance; Service; and People Engagement
Improving Performance
· Radically enhanced sales and marketing function in place to grow core hire
· Asset Optimisation Programme making good progress to improve asset utilisation
· Cost efficiency plans accelerating
Transforming the Company
· Developing a broader range of complementary services to meet customer demand
· Significant opportunities to re-engage with Regional/Local market segment through Express network
· Further opportunities to deliver enhanced profit growth
Commenting on the results, Jan Åstrand, Chairman, said:
"I am delighted to report on a year of significant progress at Speedy. It is particularly pleasing that, despite all the challenges the Company has had to face, we have today reported a strong set of results.
"Shortly after he was appointed CEO, Mark Rogerson set out a clear plan to return the Group to health and build sustainable profit growth. Mark and his new leadership team have made significant progress, and whilst there is much to do, there is further opportunity to improve the business.
"In the Middle East, having completed the exit from general and spot hire ahead of schedule, discussions are underway regarding the disposal of the oil and gas services operations, our last remaining asset in the region.
"We can now turn our focus to developing the business in the UK where there are major opportunities ahead through further professionalising our sales and marketing activity supported by improvements in cost management and asset utilisation.
"We are, once again, in a position to deliver sustainable profit growth and our confidence for the future is underpinned by an increase in the recommended final dividend."
mentor - 12 May 2015 10:06 - 213 of 244
Figures is the important thing .........
Results for the year ended 31 March 2015
Path to Sustainable Profit Growth
Financial Highlights
Year ended Year ended Change
31 March 31 March
2015 2014
---------------------------------- ----------- ----------- --------
(GBPm) (GBPm) %
---------------------------------- ----------- ----------- --------
Group revenue* 375.0 349.7 +7.2
---------------------------------- ----------- ----------- --------
UK & Ireland 351.3 328.1 +7.1
---------------------------------- ----------- ----------- --------
International 23.7 21.6 +9.7
---------------------------------- ----------- ----------- --------
Group EBITDA* 72.7 68.7 +5.8
---------------------------------- ----------- ----------- --------
Group EBITA* 26.4 22.1 +19.5
---------------------------------- ----------- ----------- --------
UK & Ireland 37.4 32.7 +14.4
---------------------------------- ----------- ----------- --------
International (5.6) (4.3)
---------------------------------- ----------- ----------- --------
Adjusted* PBT 21.9 14.6 +50.0
---------------------------------- ----------- ----------- --------
ROCE* 8.0% 7.0% +100bps
---------------------------------- ----------- ----------- --------
Earnings per share* (pence) 3.23p 2.05p +57.6
---------------------------------- ----------- ----------- --------
Dividend for the year (pence per
share) 0.70p 0.61p +14.8
---------------------------------- ----------- ----------- --------
* before amortisation and exceptional items
Results for the year ended 31 March 2015
Path to Sustainable Profit Growth
Financial Highlights
Year ended Year ended Change
31 March 31 March
2015 2014
---------------------------------- ----------- ----------- --------
(GBPm) (GBPm) %
---------------------------------- ----------- ----------- --------
Group revenue* 375.0 349.7 +7.2
---------------------------------- ----------- ----------- --------
UK & Ireland 351.3 328.1 +7.1
---------------------------------- ----------- ----------- --------
International 23.7 21.6 +9.7
---------------------------------- ----------- ----------- --------
Group EBITDA* 72.7 68.7 +5.8
---------------------------------- ----------- ----------- --------
Group EBITA* 26.4 22.1 +19.5
---------------------------------- ----------- ----------- --------
UK & Ireland 37.4 32.7 +14.4
---------------------------------- ----------- ----------- --------
International (5.6) (4.3)
---------------------------------- ----------- ----------- --------
Adjusted* PBT 21.9 14.6 +50.0
---------------------------------- ----------- ----------- --------
ROCE* 8.0% 7.0% +100bps
---------------------------------- ----------- ----------- --------
Earnings per share* (pence) 3.23p 2.05p +57.6
---------------------------------- ----------- ----------- --------
Dividend for the year (pence per
share) 0.70p 0.61p +14.8
---------------------------------- ----------- ----------- --------
* before amortisation and exceptional items
HARRYCAT
- 01 Jul 2015 08:10
- 214 of 244
StockMarketWire.com
Speedy Hire, the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, has said that the results for the current financial year will be materially below the Board's expectations and the reported result for the previous period.
Following its recent announcements regarding the sale of the remaining oil and gas business in the Middle East, discussions with the third party concerned have not reached a satisfactory conclusion and have been discontinued.
The Board continues to explore and evaluate options for this business which, as previously advised, is operating at a break even position.
Mark Rogerson has decided to step down as chief executive officer. Jan Åstrand, who was appointed non-executive chairman late last year, has assumed the role of executive chairman and intends to revert to non-executive status at the time of the announcement of the half year results in November 2015.
Russell Down, group finance director, has been appointed chief executive officer with immediate effect and will also retain the finance role until a replacement is appointed.
Jan Åstrand commented: "This is extremely disappointing. I believe that Speedy remains a fundamentally good business but, whilst some progress has been made over the last year, the remedial action programmes have not been delivered as needed.
"Our immediate priority is to accelerate the execution of those programmes and realise the upside we believe they will deliver over the medium term. Additionally, we will increase our focus on the SME core hire market.
"Improving performance is our top priority. We expect to be able to provide an update when we issue our H1 FY2016 pre close statement which will be in the last week of September."
Speedy Hire, the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, has said that the results for the current financial year will be materially below the Board's expectations and the reported result for the previous period.
Following its recent announcements regarding the sale of the remaining oil and gas business in the Middle East, discussions with the third party concerned have not reached a satisfactory conclusion and have been discontinued.
The Board continues to explore and evaluate options for this business which, as previously advised, is operating at a break even position.
Mark Rogerson has decided to step down as chief executive officer. Jan Åstrand, who was appointed non-executive chairman late last year, has assumed the role of executive chairman and intends to revert to non-executive status at the time of the announcement of the half year results in November 2015.
Russell Down, group finance director, has been appointed chief executive officer with immediate effect and will also retain the finance role until a replacement is appointed.
Jan Åstrand commented: "This is extremely disappointing. I believe that Speedy remains a fundamentally good business but, whilst some progress has been made over the last year, the remedial action programmes have not been delivered as needed.
"Our immediate priority is to accelerate the execution of those programmes and realise the upside we believe they will deliver over the medium term. Additionally, we will increase our focus on the SME core hire market.
"Improving performance is our top priority. We expect to be able to provide an update when we issue our H1 FY2016 pre close statement which will be in the last week of September."
skinny
- 01 Jul 2015 08:26
- 215 of 244
Blimey - I used to like this lot!
VICTIM - 01 Jul 2015 08:39 - 216 of 244
When you look at the last set of results and outlook Rodgerson should be shot .
midknight
- 01 Jul 2015 09:51
- 217 of 244
I used to be a follower, too, from the time they were called Allen,
but their shenanigans dampened my interest. After my last sale, stopped
looking at them and have been sceptical since the Middle East palaver.
but their shenanigans dampened my interest. After my last sale, stopped
looking at them and have been sceptical since the Middle East palaver.
Acer - 01 Jul 2015 09:58 - 218 of 244
Not a hint from the Chairman back in May, misleading statement if ever I read one!
VICTIM - 01 Jul 2015 12:03 - 219 of 244
Someones bought a million at 47.88 , some other big buys too .
mitzy - 01 Jul 2015 16:03 - 220 of 244
skinny
- 01 Jul 2015 16:24
- 221 of 244
Panmure Gordon Under Review 48.63 - - Under Review
Investec Buy 48.63 100.00 - Under Review
I've had a small dabble - now just in the money.
Investec Buy 48.63 100.00 - Under Review
I've had a small dabble - now just in the money.
midknight
- 02 Jul 2015 10:02
- 222 of 244
Skinny, your flutter seems to be taking off...
skinny
- 02 Jul 2015 10:04
- 223 of 244
Yes - nice change! :-)
Brigg - 02 Jul 2015 14:28 - 225 of 244
Does this provide a bid opportunity ?
2517GEORGE
- 02 Jul 2015 16:38
- 226 of 244
I may be totally off track but I thought it may be a good fit for KGF.
2517
2517
HARRYCAT
- 28 Sep 2015 08:04
- 227 of 244
Speed Hire said following the extremely disappointing start to the year it has taken action to grow revenue and cut costs. Whilst these actions will take time to come to fruition the company believes they will deliver material benefits over the medium term.
"Current year core hire revenue in the UK and Ireland is now expected to be c.10% below the prior year," the company said in a statement. "Accordingly the Board anticipates that profitability will be weighted towards the second half of the year and materially below current market expectations."
"Following the disappointing start to the current financial year, the Board and management team have implemented a number of remedial actions to address the legacy issues identified. These actions include: · A programme to increase engineering resources, redistribute assets throughout the depot network to improve asset availability, and optimise stock levels
· A realignment of the sales function to better address the needs of the SME market
· A more effective operational structure and overhead base which more closely aligns costs with revenues
· Improvements to the IT system to enhance management information and the customer experience.
"The benefits from these actions will be realised from the second half of the year onwards. Overhead costs across FY2016 are expected to be c.£13m lower than the prior year. Approximately £10m of this saving will be realised in the UK and Ireland business, of which c.£6m relates to people costs.
"In the Middle East the business continues to break even at an operating profit level, with further opportunities for revenue and margin growth.
"Net debt at 30 September 2015 is expected to be at a similar level to September 2014 (£104.4m). The Group is operating well within its banking facilities of £180m, which expire in September 2019."
skinny
- 28 Sep 2015 14:49
- 228 of 244
Investec downgrades from Buy to Hold.
mentor - 03 Nov 2015 10:31 - 229 of 244
No wonder the share price has gone all the way down to 30p
has had a serious of negative RNS and big players are selling............
News today of Kames Capital Plc has reduce by 1M to 2.99%
has had a serious of negative RNS and big players are selling............
News today of Kames Capital Plc has reduce by 1M to 2.99%
HARRYCAT
- 10 Nov 2015 08:31
- 230 of 244
StockMarketWire.com
Speedy Hire has swung to an H1 pretax loss of GBP13.5m, from a profit of GBP5.3m. Total revenue was GBP167.1m, from GBP190.8m. Interim dividend was 0.3p a share, unchanged.
"The Group expects to deliver a result for the full year in line with the Board's expectations, as detailed in the Company's trading update published on 28 September 2015," it said.
CEO Russell Down said:
"Following a disappointing and challenging start to the year, reflected in the results we are announcing today, we are beginning to see the benefits of the remedial actions put in place to address the various legacy issues.
"These are early days in the Group's recovery and the full benefits will only be realised over the medium term. However, remedial actions implemented to date have started to stabilise our revenue base and we are expecting to see an improvement in the second half.
"Whilst our markets remain competitive, Speedy remains a fundamentally good business which in a more lean, efficient and customer-focussed form, has the potential to once again deliver sustainable profitable growth.
Speedy Hire has swung to an H1 pretax loss of GBP13.5m, from a profit of GBP5.3m. Total revenue was GBP167.1m, from GBP190.8m. Interim dividend was 0.3p a share, unchanged.
"The Group expects to deliver a result for the full year in line with the Board's expectations, as detailed in the Company's trading update published on 28 September 2015," it said.
CEO Russell Down said:
"Following a disappointing and challenging start to the year, reflected in the results we are announcing today, we are beginning to see the benefits of the remedial actions put in place to address the various legacy issues.
"These are early days in the Group's recovery and the full benefits will only be realised over the medium term. However, remedial actions implemented to date have started to stabilise our revenue base and we are expecting to see an improvement in the second half.
"Whilst our markets remain competitive, Speedy remains a fundamentally good business which in a more lean, efficient and customer-focussed form, has the potential to once again deliver sustainable profitable growth.
HARRYCAT
- 08 Feb 2016 08:07
- 231 of 244
StockMarketWire.com
Speedy Hire has acquired the entire issued share capital of OHP Ltd for an initial cash consideration of GBP1.5m, along with the assumption of net debt of c.GBP1.7m.
Contingent cash consideration of up to a further GBP0.8m is payable, dependent on the future performance of the OHP Group.
Speedy Hire has acquired the entire issued share capital of OHP Ltd for an initial cash consideration of GBP1.5m, along with the assumption of net debt of c.GBP1.7m.
Contingent cash consideration of up to a further GBP0.8m is payable, dependent on the future performance of the OHP Group.
HARRYCAT
- 31 Mar 2016 08:29
- 232 of 244
StockMarketWire.com
Speedy Hire confirms that the FY adjusted pretax profit is seen in line with market expectations and net debt broadly in line with the previous year end.
Following a review of the carrying value of intangible assets, the Board has concluded that the value of acquired goodwill held on the Balance Sheet (c.GBP45m) will be written off as a non-cash Exceptional Item in the full year results.
Speedy Hire confirms that the FY adjusted pretax profit is seen in line with market expectations and net debt broadly in line with the previous year end.
Following a review of the carrying value of intangible assets, the Board has concluded that the value of acquired goodwill held on the Balance Sheet (c.GBP45m) will be written off as a non-cash Exceptional Item in the full year results.
HARRYCAT
- 17 May 2016 22:22
- 233 of 244
StockMarketWire.com
Speedy Hire has turned to a FY pretax loss of GBP57.6m, from a year-earlier profit of GBP2.1m, as revenue dived to GBP329.1m, from GBP375m. Its FY dividend was at 0.7p a share.
The numbers included GBP59.9m of exceptional costs, from GBP16.8m a year ago. The GBP59.9m comprised the previously announced impairment of GBP45.9m of goodwill, GBP7.7m of restructuring costs, GBP5.5m of bad debt provisions in relation to a Middle East debtor and GBP0.8m relating to losses on disposals of assets in the Middle East.
CEO Russell Down said the business had been restructured, with overheads cut to more closely align them with revenues, enhanced the management information generated from our systems and improved our cash performance.
"We are now starting to see an improvement in our culture and greater efficiencies throughout our operations," he said in a statement.
"The business is starting to respond positively to the actions we are undertaking. With a renewed focus on sales, tighter overhead control and better management information with which to manage return on capital we are creating a solid platform for the future."
Speedy Hire has turned to a FY pretax loss of GBP57.6m, from a year-earlier profit of GBP2.1m, as revenue dived to GBP329.1m, from GBP375m. Its FY dividend was at 0.7p a share.
The numbers included GBP59.9m of exceptional costs, from GBP16.8m a year ago. The GBP59.9m comprised the previously announced impairment of GBP45.9m of goodwill, GBP7.7m of restructuring costs, GBP5.5m of bad debt provisions in relation to a Middle East debtor and GBP0.8m relating to losses on disposals of assets in the Middle East.
CEO Russell Down said the business had been restructured, with overheads cut to more closely align them with revenues, enhanced the management information generated from our systems and improved our cash performance.
"We are now starting to see an improvement in our culture and greater efficiencies throughout our operations," he said in a statement.
"The business is starting to respond positively to the actions we are undertaking. With a renewed focus on sales, tighter overhead control and better management information with which to manage return on capital we are creating a solid platform for the future."
HARRYCAT
- 13 Jul 2016 07:36
- 234 of 244
StockMarketWire.com
Speedy Hire has made a positive start to year and believes its strategy and recovery plan provide the platform for full-year results to be slightly ahead of directors' views.
Revenues in the first quarter ended 30 June 2016 slightly ahead of the comparable period.
The Group is following a disciplined approach to bidding and has retained a number of major framework contracts since the start of the financial year.
Utilisation rates increased to 50% by the end of the period. As previously reported, overhead costs are significantly lower than in the prior year.
Net Debt at 30 June was lower than the corresponding period last year. The Group continues to have substantial headroom against its banking facilities, which expire in September 2019.
"It is too early to assess with any degree of certainty what impact the EU referendum result will have on the Group's end markets but, to date, there has been no deterioration in trading," the company said in a statement.
"The Board believes that the Group's strategy and recovery plan provide the platform for full year results to be slightly ahead of the Board's previous expectations."
Speedy Hire has made a positive start to year and believes its strategy and recovery plan provide the platform for full-year results to be slightly ahead of directors' views.
Revenues in the first quarter ended 30 June 2016 slightly ahead of the comparable period.
The Group is following a disciplined approach to bidding and has retained a number of major framework contracts since the start of the financial year.
Utilisation rates increased to 50% by the end of the period. As previously reported, overhead costs are significantly lower than in the prior year.
Net Debt at 30 June was lower than the corresponding period last year. The Group continues to have substantial headroom against its banking facilities, which expire in September 2019.
"It is too early to assess with any degree of certainty what impact the EU referendum result will have on the Group's end markets but, to date, there has been no deterioration in trading," the company said in a statement.
"The Board believes that the Group's strategy and recovery plan provide the platform for full year results to be slightly ahead of the Board's previous expectations."
mentor - 13 Jul 2016 11:27 - 235 of 244
Can you see the end of the tunnel? Company believe so, but will have to wait for it.......
Speedy positive
Speedy Hire has made a positive start to year and believes its strategy and recovery plan provide the platform for full-year results to be slightly ahead of directors' views.
Revenues in the first quarter ended 30 June 2016 slightly ahead of the comparable period.
The Group is following a disciplined approach to bidding and has retained a number of major framework contracts since the start of the financial year.
Utilisation rates increased to 50% by the end of the period. As previously reported, overhead costs are significantly lower than in the prior year.
Net Debt at 30 June was lower than the corresponding period last year. The Group continues to have substantial headroom against its banking facilities, which expire in September 2019.
"It is too early to assess with any degree of certainty what impact the EU referendum result will have on the Group's end markets but, to date, there has been no deterioration in trading," the company said in a statement.
"The Board believes that the Group's strategy and recovery plan provide the platform for full year results to be slightly ahead of the Board's previous expectations."
Speedy positive
Speedy Hire has made a positive start to year and believes its strategy and recovery plan provide the platform for full-year results to be slightly ahead of directors' views.
Revenues in the first quarter ended 30 June 2016 slightly ahead of the comparable period.
The Group is following a disciplined approach to bidding and has retained a number of major framework contracts since the start of the financial year.
Utilisation rates increased to 50% by the end of the period. As previously reported, overhead costs are significantly lower than in the prior year.
Net Debt at 30 June was lower than the corresponding period last year. The Group continues to have substantial headroom against its banking facilities, which expire in September 2019.
"It is too early to assess with any degree of certainty what impact the EU referendum result will have on the Group's end markets but, to date, there has been no deterioration in trading," the company said in a statement.
"The Board believes that the Group's strategy and recovery plan provide the platform for full year results to be slightly ahead of the Board's previous expectations."
HARRYCAT
- 16 Nov 2016 09:33
- 236 of 244
StockMarketWire.com
Speedy Hire has booked an H1 pretax loss of £5.4m, from a loss of £13.5m. It improved its interim dividend to 0.33p a share, from 0.3p.
Group revenue rose to £187.1m, from £165.0m.
"These encouraging interim results confirm that our recovery is well established," said CEO Russell Down in a statement.
"We are now focussed on the strategic development of the business over the medium-term and are implementing a range of customer service initiatives to ensure that Speedy is competitively positioned to grow profitable market share.
"Reflecting the progress the Group has made, we now expect results for the full year to be ahead of the Board's previous expectations."
Speedy Hire has booked an H1 pretax loss of £5.4m, from a loss of £13.5m. It improved its interim dividend to 0.33p a share, from 0.3p.
Group revenue rose to £187.1m, from £165.0m.
"These encouraging interim results confirm that our recovery is well established," said CEO Russell Down in a statement.
"We are now focussed on the strategic development of the business over the medium-term and are implementing a range of customer service initiatives to ensure that Speedy is competitively positioned to grow profitable market share.
"Reflecting the progress the Group has made, we now expect results for the full year to be ahead of the Board's previous expectations."
HARRYCAT
- 07 Feb 2017 10:53
- 237 of 244
StockMarketWire.com
Tool hire business Speedy Hire reported group revenues for the third quarter on a like-for-like basis (pre-disposal) were 10.6% ahead of the prior year.
The company benefitted from the timing of the Christmas holiday period. Its recovery plan to improve the efficiency of operations remained on track with reduced overheads, and rental assets and net debt both lower than at the half year end.
Speedy Hire announced the acquisition of the brand, business and assets of Lloyds British Testing on 19 December 2016.
Management said integration was progressing well with several revenue and cost synergies expected to be realised.
Speedy implemented several customer service initiatives which led to improving revenue and the retention of major framework contracts.
These included a contract renewal and scope extension, with Carillion, which could be worth up to £45m over three years.
Due to improving revenue trend and better operational efficiency, the Board anticipates that adjusted profit before tax for the full year will be ahead of its previous expectations.
Tool hire business Speedy Hire reported group revenues for the third quarter on a like-for-like basis (pre-disposal) were 10.6% ahead of the prior year.
The company benefitted from the timing of the Christmas holiday period. Its recovery plan to improve the efficiency of operations remained on track with reduced overheads, and rental assets and net debt both lower than at the half year end.
Speedy Hire announced the acquisition of the brand, business and assets of Lloyds British Testing on 19 December 2016.
Management said integration was progressing well with several revenue and cost synergies expected to be realised.
Speedy implemented several customer service initiatives which led to improving revenue and the retention of major framework contracts.
These included a contract renewal and scope extension, with Carillion, which could be worth up to £45m over three years.
Due to improving revenue trend and better operational efficiency, the Board anticipates that adjusted profit before tax for the full year will be ahead of its previous expectations.
mentor - 12 Feb 2017 19:51 - 238 of 244
Insider: Bosses confident of repeat success - By Lee Wild | Fri, 10th February 2017
Speedy going Hire
If proof were needed that director share purchases matter when making investment decisions, heavy buying by Speedy Hire's (SDY) top brass back in November was a classic example.
Shares in the tool hire firm crashed over 60% in 2015 following a series of profit warnings in 2015 triggered by internal issues and a lull in demand across the industry. Their high fixed costs always hurt when business dries up.
Speedy lost its chief executive, and the new board fought off an attempted coup by activist shareholder Toscafund.
A turnaround programme, including heavy cost-cutting, was clearly bearing fruit and, in last November's half-year results, new boss Russell Down said full year numbers would be ahead of the expectations.
Chairman Jan Åstrand, who survived the Toscafund revolt, bought 150,000 shares at between 40.5p and 44.6p, finance director Chris Morgan had almost 118,000 at 43p, and new non-executive director David Shearer - a turnaround expert backed by Toscafund - acquired 100,000 at 42.5p.
They're all sitting pretty now, counting paper profits in the tens of thousands. Investors who followed are too. Now, after Tuesday's upbeat trading statement, they're at it again.
Morgan has just bought 61,929 Speedy shares at 51.875p and non-exec Bob Contreras has picked up 40,000 at 51.93p.
It's because third-quarter like-for-like revenue grew by 10.6%, benefitting partly from the timing of Christmas holidays. Overheads, rental assets and net debt are all down, and customer service initiatives are winning new business and keeping existing contracts. It's why, again, adjusted profit before tax for the full year will be ahead of its previous expectations.
That meant double-digit upgrades to Panmure Gordon analyst Adrian Kearsey's estimates. He now pencils in March 2017 profit of £14.3 million, up from £12.8 million previously, and an extra £1.1 million for 2018 at £19.4 million.
"The turnaround in the operational performance is likely to stimulate another improvement in sentiment towards Speedy Hire," he says. "After many years of disappointing this business appears on the right track."
Speedy going Hire
If proof were needed that director share purchases matter when making investment decisions, heavy buying by Speedy Hire's (SDY) top brass back in November was a classic example.
Shares in the tool hire firm crashed over 60% in 2015 following a series of profit warnings in 2015 triggered by internal issues and a lull in demand across the industry. Their high fixed costs always hurt when business dries up.
Speedy lost its chief executive, and the new board fought off an attempted coup by activist shareholder Toscafund.
A turnaround programme, including heavy cost-cutting, was clearly bearing fruit and, in last November's half-year results, new boss Russell Down said full year numbers would be ahead of the expectations.
Chairman Jan Åstrand, who survived the Toscafund revolt, bought 150,000 shares at between 40.5p and 44.6p, finance director Chris Morgan had almost 118,000 at 43p, and new non-executive director David Shearer - a turnaround expert backed by Toscafund - acquired 100,000 at 42.5p.
They're all sitting pretty now, counting paper profits in the tens of thousands. Investors who followed are too. Now, after Tuesday's upbeat trading statement, they're at it again.
Morgan has just bought 61,929 Speedy shares at 51.875p and non-exec Bob Contreras has picked up 40,000 at 51.93p.
It's because third-quarter like-for-like revenue grew by 10.6%, benefitting partly from the timing of Christmas holidays. Overheads, rental assets and net debt are all down, and customer service initiatives are winning new business and keeping existing contracts. It's why, again, adjusted profit before tax for the full year will be ahead of its previous expectations.
That meant double-digit upgrades to Panmure Gordon analyst Adrian Kearsey's estimates. He now pencils in March 2017 profit of £14.3 million, up from £12.8 million previously, and an extra £1.1 million for 2018 at £19.4 million.
"The turnaround in the operational performance is likely to stimulate another improvement in sentiment towards Speedy Hire," he says. "After many years of disappointing this business appears on the right track."
skinny
- 31 Mar 2017 07:03
- 239 of 244
Trading Update
Speedy, the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, today issues an update on its trading performance for the year ending 31 March 2017. The Group's full year results are scheduled to be announced on 16 May 2017.
Group revenues, excluding disposals, for the full year are expected to be approximately 7% ahead of the prior year. Adjusted profit before tax is expected to be in line with the Board's expectations at the time of the last trading update on 7 February 2017, well ahead of the prior year. As previously reported, the Group's hire fleet has been substantially reduced, resulting in an improvement in Return on Capital Employed. Net debt at 31 March 2017 is expected to be less than £80m. This is significantly lower than the prior year and after funding the Lloyds British acquisition.
Speedy, the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, today issues an update on its trading performance for the year ending 31 March 2017. The Group's full year results are scheduled to be announced on 16 May 2017.
Group revenues, excluding disposals, for the full year are expected to be approximately 7% ahead of the prior year. Adjusted profit before tax is expected to be in line with the Board's expectations at the time of the last trading update on 7 February 2017, well ahead of the prior year. As previously reported, the Group's hire fleet has been substantially reduced, resulting in an improvement in Return on Capital Employed. Net debt at 31 March 2017 is expected to be less than £80m. This is significantly lower than the prior year and after funding the Lloyds British acquisition.
HARRYCAT
- 24 Nov 2017 12:30
- 240 of 244
Peel Hunt today reaffirms its buy investment rating on Speedy Hire PLC (LON:SDY) and set its price target at 65p.
HARRYCAT
- 26 Mar 2018 09:54
- 241 of 244
StockMarketWire.com
Tools and equipment hire company Speedy Hire said adjusted pre-tax profits were expected to be ahead of its previous expectations.
Revenue, before disposals, was expected to grow by 6%, amid a renewed focus on small business customers, the company said.
Return on capital employed for the year was expected to be around 11%, up from 7.7%, amid a continued reduction in the size of the group's fleet.
Average asset utilisation for the 11 months to February 2018 was 55.4%, up 4.3% from the prior year.
Net debt at 31 March was expected to be approximately £80m after expenditure of £23m on acquisitions.
HARRYCAT
- 16 May 2018 09:43
- 242 of 244
StockMarketWire.com
Tools and equipment hire group Speedy Hire posted a 25% rise in annual profit as UK construction markets remained buoyant.
Pre-tax profit rose to £18m, as revenue rose 2.2% to £377.4m.
Adjust pre-tax profit rose 60% to £25.9m and the company hiked its dividend for the year by 65% to 1.65p per share.
'We are delighted with these results which reflect a strong operational performance, robust capital management, the benefits of the strategy which was launched in September 2015, the impact of our recovery initiatives and some earlier-than-expected acquisition synergies,' chief executive Russell Down said.
'The market remains competitive; however the current year has got off to an encouraging start with revenue ahead of the comparative period on a like for like basis.'
'Whilst we are early into the new financial year, and some of the benefits from the acquisitions have been realised, we are confident of delivering further progress in the year ahead in line with our current expectations.'
Tools and equipment hire group Speedy Hire posted a 25% rise in annual profit as UK construction markets remained buoyant.
Pre-tax profit rose to £18m, as revenue rose 2.2% to £377.4m.
Adjust pre-tax profit rose 60% to £25.9m and the company hiked its dividend for the year by 65% to 1.65p per share.
'We are delighted with these results which reflect a strong operational performance, robust capital management, the benefits of the strategy which was launched in September 2015, the impact of our recovery initiatives and some earlier-than-expected acquisition synergies,' chief executive Russell Down said.
'The market remains competitive; however the current year has got off to an encouraging start with revenue ahead of the comparative period on a like for like basis.'
'Whilst we are early into the new financial year, and some of the benefits from the acquisitions have been realised, we are confident of delivering further progress in the year ahead in line with our current expectations.'
HARRYCAT
- 19 Jul 2018 09:43
- 243 of 244
StockMarketWire.com
Leading tool and equipment hire provider Speedy said the group remained on track to deliver full-year results in line with the Board's expectations and announced the appointment of David Shearer as Chairman from 1 October.
Ahead of its AGM later on Thursday, the Group said revenue for the first quarter of the year ending 31 March, pre disposals, increased by 6.6% on the prior year. Hire revenue and services revenues grew by 5.5% and 8.4%, respectively.
UK and Ireland hire revenue, meanwhile, increased by approximately 1% on a like-for-like basis, while the international business also continued to perform well, with a strong pipeline of opportunities.
The Group invested around £15.2m in the first quarter on new equipment for hire, up 4.0% on the prior year. Expenditure continued to be carefully targeted with average asset utilisation rates increasing to 55.7%, on a rolling 12-month basis.
Net debt at 30 June of £67.0m was lower than at year-end (£69.4m), while ROCE for the 12 months to 30 June was 11.8% (30 June 2017: 8.4%).
Outgoing Chairman Jan Astrand will remain as a Non-Executive Director of the Company and member of the Nomination Committee until 31 October 2018.
Leading tool and equipment hire provider Speedy said the group remained on track to deliver full-year results in line with the Board's expectations and announced the appointment of David Shearer as Chairman from 1 October.
Ahead of its AGM later on Thursday, the Group said revenue for the first quarter of the year ending 31 March, pre disposals, increased by 6.6% on the prior year. Hire revenue and services revenues grew by 5.5% and 8.4%, respectively.
UK and Ireland hire revenue, meanwhile, increased by approximately 1% on a like-for-like basis, while the international business also continued to perform well, with a strong pipeline of opportunities.
The Group invested around £15.2m in the first quarter on new equipment for hire, up 4.0% on the prior year. Expenditure continued to be carefully targeted with average asset utilisation rates increasing to 55.7%, on a rolling 12-month basis.
Net debt at 30 June of £67.0m was lower than at year-end (£69.4m), while ROCE for the 12 months to 30 June was 11.8% (30 June 2017: 8.4%).
Outgoing Chairman Jan Astrand will remain as a Non-Executive Director of the Company and member of the Nomination Committee until 31 October 2018.
HARRYCAT
- 14 Nov 2018 10:05
- 244 of 244
StockMarketWire.com
Tools and equipment rental group Speedy Hire more than doubled its first-half profit after it grew its customer base.
Pre-tax profit for the six months through September rose to £13.2m, up from £6.0m on-year.
Revenue rose 6% to £194.6m and adjusted profit, which excluded proceeds from asset sales, increased 26% to £13.4m.
Speedy Hire declared an interim dividend of 0.60p per share, up 20% on-year.
'These results demonstrate the progress we have made in implementing a customer focused strategy and growing our SME customer base,' chief executive Russell Down said.
'We have further improved our customer service proposition and the use of technology to better manage the business and meet market challenges.'
'We remain confident of delivering a result for the full year in line with our expectations.'
Tools and equipment rental group Speedy Hire more than doubled its first-half profit after it grew its customer base.
Pre-tax profit for the six months through September rose to £13.2m, up from £6.0m on-year.
Revenue rose 6% to £194.6m and adjusted profit, which excluded proceeds from asset sales, increased 26% to £13.4m.
Speedy Hire declared an interim dividend of 0.60p per share, up 20% on-year.
'These results demonstrate the progress we have made in implementing a customer focused strategy and growing our SME customer base,' chief executive Russell Down said.
'We have further improved our customer service proposition and the use of technology to better manage the business and meet market challenges.'
'We remain confident of delivering a result for the full year in line with our expectations.'
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