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March 26, 2018

Speedy trading update

Filed under: Latest News — EHN Team @ 9:29 am

In an update on its trading performance for the year ending 31 March 2018, Speedy has stated that return on capital employed for the year is expected to be approximately 11%, up from 7.7% in the prior year.

Average asset utilisation for the 11 months to February 2018 was 55.4%, up 4.3% from the prior year. The Group says it fleet optimisation programme continued during the year and, excluding the effect of acquisitions, the hire fleet has further reduced.

Net debt at 31 March is expected to be approximately £80m after expenditure of £23m on acquisitions. Speedy says these acquisitions are performing in line with expectations.

The company states that its renewed focus on both SME customers and services revenues, and despite the recent liquidation of Carillion, full year revenues before disposals are expected to be approximately 6% ahead of the prior year. Adjusted profit before tax for the year is expected to be ahead of the Board’s previous expectations.

The Group’s full year results are scheduled to be announced on 16 May.

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