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November 14, 2017

Strong Speedy performance

Filed under: Latest News — EHN Team @ 10:50 am

Speedy has today announced results for the six months to 30 September 2017 showing a strong first half performance, with revenue (excluding disposals) increased by 6.9% to £183.2m (2016: £171.4m) and adjusted profit before tax up 58.8% to £10.8m (2016: £6.8m).

Net debt reduced to £63.1m (31 March 2017: £71.4m), and the company says that hire fleet utilisation has increased to 54.7% (2016: 49.1%). It also reports growing revenue from additional services such as equipment testing, inspection and certification, training and consumables, with services revenue growing principally through increased consumable sales and the acquisition of the Lloyds British lifting equipment testing and training business.

Chief Executive Russell Down said: “These results are confirmation of the sustainable progress we continue to make following implementation of our customer focused strategy and a rigorous approach to capital allocation and cost control,” adding that, “We are confident of delivering a result for the year above current expectations and that the Group has a strong future ahead of it.”

In October, Speedy announced an amendment and extension to its existing bank facilities. The £180m asset-based finance facility, which was due to mature in September 2019, has been extended by a further three years, through to October 2022, with terms improved which will lower the cost of the Group’s debt financing.

The company states that its continued performance improvement has allowed the Board to consider future strategic options, with plans to reinforce its hire business and re-balance the Group through growing services revenue over the medium term by a combination of organic and acquisitive growth.

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