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

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%

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.

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.

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.

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."

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."