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

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

StockMarketWire.com
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."

Investec downgrades from Buy to Hold.

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%