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May 16, 2018

Speedy reports strong performance

Filed under: Latest News — EHN Team @ 8:20 am

In its results announced today for the year ended 31 March 2018, Speedy reports an improving performance, with; well positioned for growth with revenue excluding disposals increased by 6.4% to £371.6m (2017: £349.1m), and adjusted profit before tax up 59.9% to £25.9m (2017: £16.2m).

The company says that it acquisitions of Prolift Access and Platform Sales & Hire have strengthened its national powered access offering, and that overall asset utilisation in the UK and Ireland improved by 7.6% to 55.4% (2017: 51.5%).

Russell Down, Chief Executive, said: “We are delighted with these results which reflect a strong operational performance, robust capital management, the benefits of the strategy which was launched in September 2015, the impact of our recovery initiatives and some earlier than expected acquisition synergies.

“The market remains competitive; however the current year has got off to an encouraging start with revenue ahead of the comparative period on a like for like basis. Whilst we are early into the new financial year, and some of the benefits from the acquisitions have been realised, we are confident of delivering further progress in the year ahead in line with our current expectations.”

He added, “We have improved our financial and operational performance significantly over the last three years following the implementation of our strategy set out in September 2015. Since that time we have restructured the Group to make it leaner and more customer focused resulting in a significant improvement in efficiency and profitability. Our key financial measure is return on capital employed (ROCE) which, having increased 49.4% this year to 11.5%, is now ahead of our cost of capital. We aim to increase ROCE further through targeted capital expenditure and disposals, value enhancing acquisitions, growing services revenues and tight management of overhead costs.”

As part of its focus on SME customers, Speedy has introduced its ‘capital commitment’ service promise, guaranteeing same day delivery on its top 50 products if ordered before 3pm. This was launched for the London area in January and was rolled out nationally as ‘Trust us to deliver’ on 1 May.

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