Edition:
United States

Speedy Hire PLC (SDY.L)

SDY.L on London Stock Exchange

55.25GBp
28 Apr 2017
Change (% chg)

0.75 (+1.38%)
Prev Close
54.50
Open
54.00
Day's High
55.75
Day's Low
54.00
Volume
545,010
Avg. Vol
377,285
52-wk High
55.75
52-wk Low
29.50

Latest Key Developments (Source: Significant Developments)

Speedy Hire sees FY pre-tax profit to be in line with board's expectations
Friday, 31 Mar 2017 02:00am EDT 

Speedy Hire Plc : Says group revenues, excluding disposals, for full year are expected to be approximately 7% ahead of prior year .Adjusted profit before tax is expected to be in line with board's expectations at time of last trading update on Feb. 7, well ahead of prior year.  Full Article

Speedy Hire sees adjusted pretax profit ahead of previous expectations
Tuesday, 7 Feb 2017 02:00am EST 

Speedy Hire Plc : Says update on its trading performance for year ending March 31 2017 . Says revenues for Q3, on a like for like basis (pre-disposal), were up 10.6 pct versus last year, in part benefitting from timing of christmas holiday period . Says recovery plan to improve efficiency of operations remains on track with reduced overheads . Says rental assets and net debt both lower than at half year end .Says board anticipates that adjusted profit before tax for full year will be ahead of its previous expectations..  Full Article

Speedy Hire sees FY results ahead of boards expectations on cost cuts
Wednesday, 16 Nov 2016 02:00am EST 

Speedy Hire Plc : Full year results expected to be ahead of board's previous expectations . Says pre-disposal revenue increased by 5.2 pct to 171.4 mln stg (2015: 162.9 mln stg) . Says H1 dividend up 10.0 pct to 0.33 pence per share . Results significantly improved; recovery well established . Says H1 operating profit of 8.4 mln stg (2015: 4.5 mln stg) up 86.7 pct . H1 revenue rose 13.4 percent to 187.1 million stg . H1 pretax profit 5.4 million stg versus -13.5 million stg loss year ago .Interim dividend up 10 percent to 0.33 pence per share.  Full Article

Speedy Hire sees H1 pretax profit above expectations
Friday, 30 Sep 2016 02:00am EDT 

Speedy Hire Plc : Trading update . Recovery plan has stabilised business and continues to drive improved performance . Revenue for H1 FY2017 is ahead of prior year and slightly ahead of board's expectations . We anticipate further progress and board expects that full year profit before tax will be ahead of its previous expectations. . Costs associated with operational restructuring and september's general meeting will be recognised as exceptional items. . Employee numbers have been reduced by over 100 from start of financial year. . With lower overhead costs, profit before tax will be ahead of H1 FY2016 .Following disposal of large mechanical plant fleet, net debt will be significantly lower than in comparable period and at year end..  Full Article

Toscafund urges Speedy Hire shareholders to vote for resolutions at GM
Thursday, 1 Sep 2016 10:36am EDT 

Toscafund Asset Management Llp: Responds to shareholder circular published by board of Speedy Hire Plc . Speedy Hire circular shows a "lack of substance" . Continues to urge shareholders to vote in favour of both resolutions at the general meeting on the Sept. 9 2016 .See no reason to doubt David Shearer’s independence and expect he would be a valuable asset in turning around the business of Speedy Hire.  Full Article

Speedy Hire board "strongly" recommends shareholders reject Toscafund resolutions
Thursday, 1 Sep 2016 02:09am EDT 

Speedy Hire Plc : Independent board continues to believe that Toscafund resolutions are, in each case, not in best interests of all shareholders and continues to unanimously and strongly recommend that shareholders vote against both resolutions to appoint David Shearer and remove Chairman Jan Astrand . Independent board believes that proposed director David Shearer does not have relevant experience nor skills to enhance board at this time . Says David Shearer's independence from Toscafund is not proven . The independent board believes that stabilisation of, and operational and financial recovery underway at, Speedy Hire is direct result of close working relationship between Jan Astrand and Russell Down. .Says Jan Åstrand's role as Executive chairman is "temporary and appropriate".  Full Article

Speedy Hire to sell large mechanical plant fleet
Friday, 26 Aug 2016 02:00am EDT 

Speedy Hire Plc : Asset disposal - large mechanical plant fleet . Sale of its large mechanical plant fleet, for a total consideration of 14.4 mln stg payable in cash . Has entered into a five-year re-hire agreement, with an option to extend for a further two years, for large plant assets, with acquirer of business, Ardent Hire Solutions Limited . As at July 31 2016, business had assets with a gross book value of 15.5 mln stg . Profit on disposal (after transaction costs and reorganisation costs) will be reflected in group's FY17 results . Net cash proceeds (after transaction costs and reorganisation costs) will be used to reduce debt .Disposal will deliver a pro-forma increase in Speedy's return on capital.  Full Article

Toscafund says believes that Speedy Hire needs a truly independent non executive chairman
Monday, 15 Aug 2016 03:01am EDT 

Toscafund Asset Management LLP: Appointment of Robert Contreras as a non-executive director contravened good governance rules . Does not believe sector consolidation is vital but merely wants to see an independent chairman installed . Asks all shareholders to consider the consequences of poor governance and poor leadership on the future of Speedy Hire . Notes the statement released on Friday 12 August by Speedy Hire Plc . Toscafund Asset Management LLP says arguments set out in the circular fail to address the concerns outlined to shareholders . Believes that Speedy Hire needs a truly independent nonexecutive chairman in place . Presence of Jan Astrand on the board is detrimental in that respect .Would like shareholders to note that Speedy Hire's circular does not refute the advisors’ opinion that the business could deliver an estimated 20 mln stg of annual synergies in the event of a merger.  Full Article

Speedy Hire says will respond to Toscafund on Aug 12
Wednesday, 10 Aug 2016 06:17am EDT 

Speedy Hire Plc : Board notes statement released today by Toscafund .Will post a circular to shareholders on Aug. 12 2016 including board's full response to Toscafund.  Full Article

Toscafund publishes open letter to Speedy Hire chairman
Wednesday, 10 Aug 2016 03:05am EDT 

Toscafund: Toscafund- published an open letter to chairman of speedy hire concerning resolutions that it requires to be put to shareholders of speedy hire at a general meeting ."We believe that it would be in shareholders’ best interests if you were to resign ahead of the meeting to save both time and expense"- Toscafund letter to Speedy Hire's chairman.  Full Article

More From Around the Web

UPDATE 1-Speedy Hire sees full-year results ahead of expectations

Nov 16 Industrial equipment rental company Speedy Hire Plc said it sees full-year results ahead of its expectations as cost-cutting measures and asset disposals boosted first-half profit.