| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Speedy Hire upgrades guidance, sells Middle East assets
StockMarketWire.com
|
Tool and equipment hire group Speedy Hire said it expected its annual profit to be 'well ahead' of current market expectations.
The company also announced the sale of its Middle East business to ADNOC Logistics and Services for $18 million.
In addition, outstanding trade receivables from ADNOC of about $12 million were payable within 30 days.
Speedy Hire said trading since 30 September had been ahead of its expectations.
Core hire revenue in February in the UK and Ireland was about 2% higher than the prior year, with utilisation from 1 October to date 58.7%, up from 56.2%.
'I am pleased to report another period of momentum and resilience for the group as our colleagues have adapted and supported our customers in these challenging times,' chief executive Russell Down said.
'Our ongoing positive trading has benefitted from increasing activity levels and shows the strength of our strategy, people and operational delivery.'
'The successful exit from the Middle East operations is an important strategic step for Speedy and we wish the whole of the ADNOC team every success in the future.'
'Looking ahead, we are well positioned to take advantage of the market opportunities in the UK and Ireland as activity levels continue to improve.'
At 8:05am: (LON:SDY) Speedy Hire PLC share price was 0p at 63p
Story provided by StockMarketWire.com
|
|
|
|
|
|
