Has Speedy hire turned the corner?
It's looking interesting. Any thoughts?
Takeover time?

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.

Some impressive buys here but trending down at the moment . What's going on experts.SCSW gave an attractive BUY last saturday.

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.

MIDAS-SHARE-TIPS-Speedy-Hire-tools-stage-rapid-recovery.

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, 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."

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

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."

Blimey - I used to like this lot!

When you look at the last set of results and outlook Rodgerson should be shot .

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.

Not a hint from the Chairman back in May, misleading statement if ever I read one!

Someones bought a million at 47.88 , some other big buys too .

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.

Skinny, your flutter seems to be taking off...

Yes - nice change! :-)

I think I'll return to this.

Telegraph write-up here

Does this provide a bid opportunity ?

I may be totally off track but I thought it may be a good fit for KGF.
2517