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

Exactly. Whole market is down, so no cause for alarm atm, imo.

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.

Nothing like a rumoured potential bid for a company to spice up the share price !

Looking strong so far today - AHT's great results providing some stimulus perhaps.

AHT is always a good indicator to see which
way SDY might go, IMO.

Looking perky again this morning, hardly surprising considering the recent results.

Here's hoping!

Interesting parallels!! Both heading in the right direction. Think my money is on SDY for best return.

Suddenly looking very perky again today - volumes have picked up.

Harry - change the size to 860 for a better representation of the candles.

Two large buys early this afternoon seem to have sparked things off.

Your wish is my command, but size isn't everything, skinny! ;o)

Thank heavens! :-)

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'm still long Harry.

Latest Broker note.

02 Jul 13 Speedy Hire PLC RBC Capital Markets Outperform 62.38 - 70.00 Initiates/Starts.

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.

Are you still long skinny? Going nowhere fast atm. A bit frustrating!

Yes I am Harry - no updates in the offing either.

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.