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Speedy Hire PLC (SDY.L)

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Latest Key Developments (Source: Significant Developments)

Speedy Hire expects FY ‍adjusted pre-tax profit ahead prior year
Tuesday, 19 Sep 2017 02:00am EDT 

Sept 19 (Reuters) - SPEEDY HIRE PLC :‍TODAY ISSUES A TRADING UPDATE AHEAD OF PUBLISHING HALF YEAR RESULTS FOR PERIOD TO 30 SEPTEMBER 2017, SCHEDULED FOR 14 NOVEMBER 2017​.‍GROUP REVENUES FOR PERIOD TO 31 AUGUST, EXCLUDING DISPOSALS, ARE APPROXIMATELY 7.5% AHEAD OF PRIOR YEAR PRIMARILY DUE TO GROWTH IN SERVICES REVENUES​.‍UTILISATION RATES FOR YEAR TO DATE HAVE AVERAGED 54.5%, AN INCREASE OF C.6% OVER CORRESPONDING PERIOD IN PRIOR YEAR​.‍NET DEBT AT HALF YEAR END IS EXPECTED TO BE BELOW £70M (30 SEPTEMBER 2016: £85.4M)​.‍OVERHEADS IN PERIOD ARE EXPECTED TO BE BROADLY CONSISTENT WITH PRIOR​.‍OVERHEADS IN PERIOD ARE EXPECTED TO BE BROADLY CONSISTENT WITH PRIOR PERIOD​.‍NUMBER OF OPERATING DIVISIONS AND DISTRIBUTION CENTRES HAS BEEN REDUCED​.‍ACTIONS WILL RESULT IN OVERHEAD SAVINGS OF AT LEAST £3M PER ANNUM​.‍NET EXCEPTIONAL COSTS OF C.£4.5M ARE EXPECTED TO BE RECOGNISED IN FIRST HALF YEAR​.‍ADJUSTED PROFIT BEFORE TAX FOR FULL YEAR IS EXPECTED TO BE WELL AHEAD OF PRIOR YEAR AND SLIGHTLY AHEAD OF BOARD'S PREVIOUS EXPECTATIONS​.  Full Article

Speedy Hire says remains on track to deliver a result for FY in line with board's expectations
Wednesday, 12 Jul 2017 02:33am EDT 

July 12 (Reuters) - Speedy Hire Plc :Revenue for Q1 of year ending 31 March 2018, pre disposals, was ahead of prior year.Q1 EBITA is consequently ahead of prior year and, whilst revenue mix has changed, margins have increased.Invested c.£15m in Q1 in new equipment for hire, up 13% on prior year.Remains on track to deliver a result for full year in line with board's expectations, well ahead of prior year's result.  Full Article

Speedy Hire says FY revenue rose 12.2 pct to 369.4 mln stg
Tuesday, 16 May 2017 02:00am EDT 

May 16 (Reuters) - Speedy Hire Plc ::FY pretax profit 14.4 million stg versus 57.6 million stg loss year ago.FY revenue rose 12.2 percent to 369.4 million stg.Final dividend up 67.5 percent to 0.67 penceper share.Total dividend 1 pence per share."Turnaround phase completed; strategy in place to drive sustainable profitable growth".Have made a solid start to year, but market remains competitive.Well positioned to take advantage of market opportunities and continue to deliver sustainable profitable growth.  Full Article

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

UPDATE 1-Speedy Hire expects to beat full-year expectations

Sept 19 Industrial equipment rental company Speedy Hire said it expects full-year adjusted pretax profit to be well ahead of the prior year and slightly ahead of its expectations.